10/11, 5:00 PM (Source: TeleTrader)
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Uber acquires majority stake in Cornershop

Uber Technologies Inc. revealed in a press release on Friday that it agreed to acquire majority ownership in grocery delivery company Cornershop, with the deal expected to be completed in early 2020.

Uber's CEO Dara Khosrowshahi expressed enthusiasm about the deal, adding that the companies will aim to "bring grocery delivery to millions of consumers on the Uber platform." Cornershop started in 2015 and is based in Santiago, Chile, and operating mostly in Chile, Mexico and Peru. Founder and CEO of Cornershop, Oskar Hjertonsson, hailed Uber as "the perfect partner" in expanding the grocery delivery business "to many more countries around the world."

No financial details of the agreement were announced. Uber's shares jumped 4.14% to reach $30.06 at 10:44 am ET.

Breaking the News / MS