Spanish mutli-category delivery platform Glovo said on May 26 it will acquire the operations of Germany-based peer Delivery Hero in six Southeast European countries for €170mn.
Glovo's CEO and co-founder Oscar Pierre said the company is interested in the emerging Europe region where people have embraced on-demand delivery platforms.
Through the deal, Glovo will acquire the foodpanda brand in Romania and Bulgaria, the Donesi brand in Serbia, Montenegro, Bosnia & Herzegovina, and Pauza in Croatia.
“It’s always been central to our long-term strategy to focus on markets where we see clear opportunities to lead and where we can build a sustainable business. Central and Eastern Europe is a very important part of that plan. The region has really embraced on-demand delivery platforms and we’re very excited to be strengthening our presence and increasing our footprint in countries that continue to show enormous potential for growth,” Pierre said, according to the company's press release.
The transactions in Bosnia, Bulgaria, Croatia, Montenegro and Serbia should be completed within the next few weeks, while in Romania it will be completed following approval from the competition authority, Glovo noted.
In a separate deal, Glovo recently announced that it has reached an agreement to acquire Ehrana, a local delivery company in Slovenia, for an undisclosed fee. This deal should be completed in the next few months.