More precisely, Glovo paid EUR170 million to acquire the operations in Romania, Croatia, Serbia, Bulgaria, Montenegro and Bosnia-Herzegovina. It means that over half the amount (almost 60%) was paid for the business in Romania. The official value of operations in each country has yet to be disclosed.
The local transaction targeted the companies Foodpanda Ro SRL and Delivery Hero Dmart SRL. Foodpanda Ro SRL provides services for taking orders online and delivering food from restaurants through the Foodpanda online service. Delivery Hero Dmart SRL. was established in June 2020 and operates through “dark store” type stores, which represent nearby storage spaces intended exclusively for online sales of multicategory products, via the Foodpanda platform. Foodpanda Ro SRL and Delivery Hero Dmart SRL are part of a group of companies owned by Delivery Hero SE, Germany.
On December 17, 2021, Romania’s antitrust body officially announced that it had approved the transaction whereby Glovo acquires Foodpanda operations in Romania over six months from the unveiling of the international agreement. End-May 2021, Glovo announced it would acquire the Foodpanda business in Romania and Bulgaria, the Donesi brand in Serbia, Montenegro, Bosnia and Herzegovina, and Pauza in Croatia.
Law firm Wolf Theiss assisted Glovo in the process of Romania’s Competition Council authorizing the takeover of Foodpanda operations in Romania. Wolf Theiss, under the guidance of Ilena Glodeanu, Partner and Coordinator of the Corporate / M & A team in Romania, provided multi-jurisdictional consultancy on mergers and acquisitions for Glovo takeovers in all six jurisdictions in Central and Eastern Europe, including Romania, for which a package of transactional documents was concluded separately, and the acquisition was subject to antitrust clearance.
Glovoappro SRL is the Romanian subsidiary of Spain’s Glovo whose main activity is the development and administration of the online food delivery service from restaurants to the consumer through the platform of the same name. Indirectly, Glovoappro SRL also took over the Pandamart business operated by Delivery Hero Dmart SRL.