Latham & Watkins has advised the shareholders of Glovoapp23, S.L. (Glovo) on the sale of a 39.4% stake – on a non-diluted basis – to Delivery Hero SE (Delivery Hero), the world’s leading local delivery platform. With this transaction, Delivery Hero, a long-standing investor in Glovo, will become the company's largest shareholder with more than 80% of the share capital.
The transaction, subject to regulatory approval, is expected to be completed in the second quarter of 2022. The transaction will be carried out through the exchange of new Delivey Hero shares for Glovo shares. The remaining shareholders will be able to join the deal for a specified period of time prior to the closing of the transaction.
The cross-border Latham team was led by Madrid corporate partner José Antonio Sánchez-Dafos with Hamburg counsel Andreas Lönner and Madrid associates María del Pilar Villanueva and Elena Martínez de Luco. Advice was also provided on competition matters by Madrid partner José María Jiménez-Laiglesia.