Germany’s Delivery Hero is set to become Glovo’s majority shareholder following a deal to acquire an additional 39.4% stake of the Spanish delivery startup, of which it already held 44%.
We learned of the deal over the holidays, but you’ll be excused if you missed the news when it broke — the deal was announced on December 31 after 11 p.m. CET, much to the annoyance of Spanish reporters. “If they have no consideration for their delivery workers, [why would they have any] for the press?” El Confidencial’s Michael McLoughlin ironized on Twitter.
The Exchange explores startups, markets and money.
Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday.
But let’s not let inside baseball get in the way: The transaction is an interesting piece of news from a number of perspectives. This morning, we’ll dig into a number of them, including the current pace of on-demand startup consolidation, the power of geographic expansion in the two companies’ market and why Glovo didn’t go public as it once targeted.
Delivery Hero has a call next week with investors regarding the deal, but it was kind …
