Berlin — Delivery Hero has acquired a majority stake in GlovoApp23, S.L., based in Barcelona, Spain. Delivery Hero has already been a shareholder of Glovo since 2018 and currently holds approximately 43.8% of the outstanding shares (on an undiluted basis). Under the share purchase agreement concluded between Delivery Hero SE and the selling shareholders, Delivery Hero acquires a further approx. 39.4% of the outstanding shares in Glovo (on an undiluted basis) and thus a majority stake.
Delivery Hero will acquire the shares in Glovo in exchange for the issuance of new Delivery Hero shares. Under the transaction, Glovo is valued at approximately EUR 2.3 billion on a fully diluted basis and after taking into account cash and financial liabilities. The transaction is expected to close in the second quarter of 2022 and is subject to customary conditions and regulatory approvals as well as merger control clearance in multiple jurisdictions.
Advisor Delivery Hero: YPOG
Dr. Martin Schaper (Co-Lead, Corporate/Transactions), Partner
Dr. Tim Schlösser (Co-Lead, Corporate/Transactions), Partner
Dr. Karen Frehmel-Kück (Corporate/Transactions), Senior Associate
About Delivery Hero SE
Delivery Hero is a leading global local delivery platform operating in approximately 50 countries within Asia, Europe, Latin America, the Middle East and North Africa. Launched in 2011 with a grocery delivery service, the company is a pioneer in Quick Commerce — the next generation of e‑commerce — and aims to deliver groceries and household goods to customers in less than an hour, often in as little as 10 to 15 minutes. Delivery Hero is headquartered in Berlin and was included in the German benchmark index DAX (Deutscher Aktienindex) in 2020.
About Glovo
Founded in Barcelona in 2015, the company operates in 25 countries within Europe, Central Asia as well as Africa and offers a cross-category app that connects customers with local restaurants, grocery stores, supermarkets, pharmacies and major retailers. The goal is to create easy and digital access for people to all services in cities and local regions. This allows users to acquire what they need anytime, anywhere.
About YPOG
YPOG is a specialist tax and commercial law firm, operating in the core areas of corporate, funds, litigation, tax, transactions, IP/IT and notarial services. The YPOG team advises a wide variety of clients. These include emerging technology companies and family-run medium-sized enterprises as well as corporations and private equity/venture capital funds. YPOG is one of the leading addresses for venture capital, private equity and fund structuring in Germany. www.ypog.law