German food delivery group Delivery Hero signed an agreement to obtain a 39.4% stake in the Spanish delivery app Glovo. The company currently holds about 43.8% of Glovo shares on a non-diluted basis. The transaction will value Glovo at €2.3 B on a fully diluted and debt-free basis before certain adjustments, the company said. Glovo will continue operations with their existing brand and platform under their current management, Reuters reported.
Delivery Hero acquires majority stake of Glovo.
