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Uber to Acquire Chile Grocery Startup Walmart Failed to Buy

  • Cornershop is largest home delivery platform in Mexico, Chile
  • Deal is part of Uber’s plans to expand and deliver profits
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Why Uber Is Buying a Majority Stake in Online Grocer Cornershop
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Uber Technologies Inc. plans to buy a majority stake in online grocer Cornershop, a deal designed to extend its geographic reach and bolster profits by bundling food delivery with rides.

The move, which is subject to regulatory approval, could end uncertainty for the Santiago, Chile-based startup backed by Accel and other venture investors. Walmart Inc. announced its intention more than a year ago to purchase Cornershop outright for $225 million and re-sell the company to its Mexican subsidiary, only to have Mexican regulators oppose the move in June for antitrust reasons.