1/1, 3:38 AM (Source: TeleTrader)
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Delivery Hero buys majority stake in Glovo

Delivery Hero SE announced that it struck a deal to acquire an additional 39.4% stake in Glovoapp23 S.L., becoming Glovo's majority shareholder.

The transaction, dependent on regulatory approval in several countries, will be finalized in the second quarter of 2022, according to the companies' expectations. "After closing, Glovo will continue operations with their existing brand and platform under their current management team led by its two founders who will remain invested in Glovo," the German company explained in a press release.

Delivery Hero already owns 44% of Glovo.

Baha Breaking News (BBN) / MS