LatamList – A little over a year after the initial announcement, Cofece, Mexico’s Federal Economic Competition Commission, approved the acquisition of Cornershop by Uber.
In October 2019, Uber announced it would be acquiring a majority stake in the last-mile delivery startup Cornershop Mexico. However, concerns over the impact the transaction would have on the country’s e-commerce market –with the added uncertainty of the COVID-19 crisis– significantly delayed the decision as the commission evaluated the complexity of the issue.
With Cofece’s approval, Cornershop will be able to continue with its expansion strategy in Mexico and the rest of the world.
“At Uber and Cornershop, we are committed to boosting the delivery services that support local business and communities, which is even more important during uncertain situations like the one we are facing today. We are excited to finally get our teams together to continue innovating, offer better products and services for our business partners, delivery partners, shoppers, and consumers in the entire country,” said Eduardo Donnelly, Regional Manager for Uber Eats in Latin America.
Cornershop Mexico will continue to operate independently until the acquisition is closed, which is expected to happen in the next few days. Once that is finalized, Cornership will remain under the current leadership, reporting to a board with a majority Uber representation.
“We’ve worked with Uber in various other countries, allowing consumers to access a wide variety of products, large supermarkets, and local specialty stores. At the same time, it gives shoppers and our large and small scale retail partners an amazing opportunity,” said Oskar Hjertonsson, founder and CEO at Cornershop.
Read more on Forbes.