Uber to pay $450M for 51% of Cornershop

LatAm List – This acquisition represents 4X growth in Chilean-Mexican startup, Cornershop’s, valuation in the past four months since its deal with Walmart was blocked by the Mexican government. While we announced this deal late last week, Uber only recently released the acquisition price for Cornershop.

The deal will reportedly be made up of cash, investment in Cornershop’s growth, and stock in Uber, which was listed on the New York Stock Exchange earlier this year. The Cornershop team will continue to help grow the company into the Colombian market after they added Peru and Canada throughout 2019 as the Walmart deal passed through Mexican legislation for approval.

This Uber-Cornershop deal will have to be approved by Chile and Mexico’s antitrust organizations, where their last deal with Walmart was blocked in Mexico for its potential to create a delivery monopoly. These antitrust decisions will likely be released within the next two weeks, allowing Uber to bolster its delivery options with Cornershop’s technology and team.

Read more in Diario Financiero.

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