Mexico’s antitrust regulator Cofece gave a green light for Uber Technologies Inc. to acquire a majority stake in grocery delivery service Cornershop.
The regulator’s approval was the only piece missing for the deal to be complete, Uber said in a statement Monday. Cornershop has been operating under Uber in select cities across Latin America, U.S. and Canada since July.
Uber is looking at food and grocery delivery as a way to grow as more people stay home during the pandemic. For two straight quarters, Uber has made more money dropping off food than transporting people. Uber is looking to expand by handling groceries and pharmacy items in addition to prepared meals. Terms for the Cornershop deal haven’t been disclosed.
In June, Uber also announced the $2.6 billion acquisition of food delivery company Postmates Inc., a deal expected to increase the company’s footprint and range of restaurants in the U.S.
Source: Bloomberg