Uber is acquiring the remaining 47 percent stake in Chilean grocery startup Cornershop in exchange for approximately 29 million shares of Uber stock.
The ride-hailing giant had acquired a majority stake in Cornershop last year. The deal is expected to close next month and is subject to standard closing conditions.
“Uber already owns ~50 percent of Cornershop, and we’ve seen how working together can deliver great results, like our joint 2020 launch of Brazil, where in no time we became a leading player,” said Cornershop’s founder and CEO Oskar Hjertsonsson on Twitter on Monday. “But to truly unlock the full potential of this partnership, we need to operate as one company.”
Uber’s move to acquire the grocery startup comes two years after it had first expressed interest in acquiring a stake in Cornershop. However, the deal was subject to an investigation by Chile’s National Economic Prosecutor (FNE) as it was feared that the acquisition would hinder competition in the online delivery space. NFE, ultimately, signed off on the deal.
Uber has plans to expand Santiago-based company’s delivery services to other markets such as Canada, Mexico and Peru as well as other regions in the world.