Business

Mexican antitrust watchdog approves Uber's Cornershop acquisition

After the closure of the deal, the Chilean app will continue to operate under its current leadership, reporting to a majority-represented board of Uber

Mexican delivery app cornershop
Photo: Cornershop
  • Terms of the deal haven’t been disclosed;
  • Cornershop Mexico will continue to operate independently until the acquisition is completed.

Mexico’s antitrust regulator Cofece has approved Uber‘s acquisition of the Chilean grocery delivery platform Cornershop on Monday, according to Diario Financiero.

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Terms of the deal haven’t been disclosed, but when the acquisition was announced in October 2019 it was expected that Uber would pay $450 million for a 51% percent stake in Cornershop.

READ ALSO: Uber urges Federal Commission on Economic Competition of Mexico to approve Cornershop acquisition

Although it had started to integrate Cornershop in July this year, Uber achieved the latest milestone to have full control over the Cornershop platform, since the approval was only pending in Mexico, where the teams had not been integrated so far.

According to Diario Financiero, Cornershop Mexico will continue to operate independently until the acquisition is completed, which is expected to happen in the next few days. After the closure of the deal, the Chilean app will continue to operate under its current leadership, reporting to a majority-represented board of Uber.

READ ALSO: Chile approves Cornershop’s acquisition by Uber

Cornershop also operates in Brazil, Peru, Colombia, Costa Rica, the United States and Canada.

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