May 26 (SeeNews) - Spanish on-demand delivery platform Glovo said on Wednesday that it has agreed to acquire the operations of Germany-based peer Delivery Hero on six markets in Southeast Europe (SEE) for a total of 170 million euro ($208 million).
Glovo will acquire the foodpanda brand in Romania and Bulgaria, the Donesi brand in Serbia, Montenegro, Bosnia and Herzegovina, and Pauza in Croatia, the company said in a statement.
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The transactions in Bosnia and Herzegovina, Bulgaria, Croatia, Montenegro and Serbia are expected to close within the next few weeks, while the transaction in Romania will first need approval from the competition authority.
"It’s always been central to our long-term strategy to focus on markets where we see clear opportunities to lead and where we can build a sustainable business. Central and Eastern Europe is a very important part of that plan," Oscar Pierre, CEO and co-founder of Glovo, said.
In a separate statement on Wednesday, Delivery Hero said that the companies will be rebranded to Glovo’s company brand following a transition period. The sale of the company's unit in Romania is expected to be finalised by the first quarter of 2022, Delivery Hero said.
In addition to the deal with Delivery Hero, Glovo has also reached a separate agreement to acquire Slovenian delivery company Ehrana for an undisclosed fee, it said. The transaction is expected to close in the next few months.
($ = 0.8164 euro)
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