Acquisitions

Report: Walmart to Acquire Cornershop for $200M

Cornershop, the Chilean/Mexican last mile delivery service, is reportedly in talks with Walmart for a potential $200M acquisition. Cornershop is one of the top two companies in Latin America in the last mile delivery space, along with Rappi, Mercadoni and Glovo.

Daniel Undurraga, Cornershop cofounder, said “there’s nothing close to being ready to sign” when asked by Chilean newspaper Diario Financiero.

Cornershop was founded by Undurraga, Juan Pablo Cuevas and Oskar Hjertonsson in 2015. The team was previously responsible for Needish and Clandescuento, which were sold to Groupon in 2010.

If completed, this transaction will represent a big step forward in the M&A market in Latin America, with US companies starting to buy in the Latin American market.

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