Glovo sells its operations in Latin America

Glovo will continue to run the business in these countries until March 2021

Glovo

Glovo sells its operations in Latin America. Source: facebook.com

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 feel that it’s important to focus on key markets where we can build a long-term sustainable business and continue to provide our unique multi-category offering to our customers. This deal will allow us to strengthen our presence in those markets where we are already very strong, while also allowing us to invest in new markets where we see huge growth potential and opportunity. We truly believe that Delivery Hero is the best possible partner to take the business we’ve built in Latin America to the next level. They have everything it takes to go on and become the leading player in the region
Oscar Pierre, CEO of Glovo

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.

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