Delivery Hero Acquires Majority Stake in Glovo
- Deal values Spanish delivery app Glovo at $2.6 billion
- Delivery Hero already holds about 40% of Spanish company
A Glovo courier cycle courier.
Photographer: Bartek Sadowski/BloombergThis article is for subscribers only.
German delivery giant Delivery Hero SE has agreed to acquire a majority stake in Spanish startup Glovo, the company said in a statement Friday.
The deal will value Glovo, Spain’s largest online delivery platform, at 2.3 billion euros ($2.6 billion). Glovo was founded in 2015 and operates in 25 countries in Europe, Central Asia and South Africa. It brought in 151 million euros in revenue ($172 million) in the most recent quarter.