AmRest, a leading European restaurant and foodservice platform signed the agreement which envisages sale of its 100% stake in Restaurant Partner Polska Sp. z o.o., the owner of food ordering platform PizzaPortal, to Glovo, a leading digital delivery player in Spain.
The deal is valued at 30m EUR plus a 5m EUR earn-out. In consideration AmRest will receive a combination of cash and new issued shares in Glovo. The transaction is subject to certain conditions precedent and will allow to combine the strengths of a best-in-class delivery platform with a leading food ordering portal in Poland.
Oscar Pierre, CEO of Glovo, said: Glovo continues to experience rapid growth, and following the success of our previous round of investment, we're continuing our expansion into new markets. With the acquisition of PizzaPortal, we're pleased to be further strengthening our strategic partnership with AmRest and excited for the opportunities that this presents. Our ambition is to lead every market we enter and to provide a first-class, express delivery experience for our users, Glovers and partners.
- We are very happy about our partnership with Glovo, which has been beneficial to us strategically as well as financially since our initial involvement last year. Also, we are very pleased about the opportunity to increase our engagement and the possibility to deepen our cooperation. There is no doubt that the combination of the leading third generation food delivery business in Europe and largest foodservice platform in Poland is very powerful and can create a new champion in the market - said Peter Kaineder, Chief Strategy Officer at AmRest.
