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Uber Finalizes Cornershop Acquisition

Uber Finalizes Cornershop Acquisition

Tuesday, December 15th, 2020

Uber is wielding the shift toward food delivery to its advantage. The company has strategized significantly in the past year, most recently finalizing its acquisition of a majority stake in Cornershop. This deal was officially approved this week as Mexico antitrust regulator Cofece gave the go-ahead. Terms of the deal have not yet been disclosed.

The approval from the regulator was the last piece of the deal that needed to be completed, according to an article from Bloomberg. Uber initially announced plans to acquire the grocery delivery company in October 2019, and Cornershop has been in operation under Uber in select cities across the U.S., Canada, and Mexico since July.

Uber has been given approval to acquire a majority stake in Cornershop

Since the start of the pandemic, Uber has seen a rise in its food delivery service, which has led to not only expanding its services, but acquiring its competitor Postmates, Inc for $2.6 billion in June.

How else will this sector frontrunner strengthen its position in the States? Keep an eye out for reports from Deli Market News as we go in search of the answer.