Delivery Hero is upping the dealmaking just as life gets tougher in the food delivery market. The $24 billion company led by Niklas Östberg on Dec. 31 said it would double down on its investment in Spanish rival Glovo, boosting its stake to about 83% from 44%. The deal, which values the Barcelona-based company’s equity at about 2.3 billion euros, paves the way for a full takeover.
are racing to expand through acquisitions . Boosting its stake will allow Delivery Hero to increase co-operation with Glovo, possibly a few undisclosed cost savings, and prevent it from being acquired by a rival.
And, with tech stocks likely to come under pressure from rising interest rates, Östberg is making the most of his still rich currency by paying in shares. The deal is not expensive: assuming no debt, it values Glovo at 2.9 times 2021 sales, a relative bargain next to Delivery Hero’s 4.2 times multiple.
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