Acquisitions

Uber to acquire majority stake in Cornershop

LatAm ListCornershop made headlines in early 2019 after closing a $225M acquisition deal with Walmart. Then Mexico’s government blocked the deal for potential anti-trust violation.

The breakdown of the Cornershop acquisition dealt a blow to the Latin American startup ecosystem that saw this deal as a major win for Chile and Mexico’s local entrepreneurs. However, that storyline changed today when Uber announced that it would acquire a majority stake in Cornershop to advance their delivery services. Uber has not disclosed how much they will pay for this deal.

Uber wants to become the “operating system for everyday life” according to their communications with the Wall Street Journal. Cornershop will continue to operate under current management in this deal, but will now report to a board where Uber has majority representation.

From Financial Times:

“We’re very excited to partner with the team at Cornershop to scale their vision, and look forward to working with them to bring grocery delivery to millions of consumers on the Uber platform,” said Uber’s CEO Dara Khosrowshahi, in a press release.

Cornershop has backing from ALL VP, Accel, Creandum, and Jackson Square Ventures and operates in Chile, Mexico, Peru, and Canada.

Read more in the Wall Street Journal or Financial Times.

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