Delivery Hero acquires majority stake in Glovo

Photo: Glovo Deli­very Service
10. Janu­ary 2022

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.

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