Spanish rapid-delivery startup Glovo has agreed to pay €170 million (US$208 million) to buy the Balkans units of Germany’s Delivery Hero, it stated on Wednesday, May 26, accelerating its expansion after it recently raised fresh cash.
The transaction includes the acquisition of Foodpanda in Romania and Bulgaria, Donesi in Serbia, Montenegro, Bosnia and Herzegovina, and Pauza in Croatia. The deals are subject to regulatory approvals, the Barcelona-based company stated.
Earlier this month, Glovo had announced the acquisition of Ehrana in Slovenia for an undisclosed amount.
Delivery Hero took its stake in Glovo to 37% after providing €229 million out of the €450 million raised by the Spanish company in April in what was described as the largest financing round secured by a Spanish start-up.
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