Glovo will continue to run the business in these countries until March 2021
Glovo will sell its operations in Latin America for €230 million to the German delivery company Delivery Hero.
The transaction is expected to close within the next few weeks, subject to fulfillment of the conditions precedent and relevant regulatory approvals.
The transaction will cover all of the Latin American countries in which Glovo operates: Argentina, Peru, Ecuador, Panama, Costa Rica, Honduras, Guatemala, and the Dominican Republic.
Out of these countries, Delivery Hero is already present in Argentina, Panama, and the Dominican Republic. As to the newly acquired assets in these markets, they will be transferred to Delivery Hero at closing.
We’ve reported that UnionPay International has announced a partnership with Glovo to allow UnionPay cardholders to use its app in Spain, Portugal, France, and Italy.