On Monday June 21, Uber (NYSE: UBER) announced it has agreed to purchase its remaining 47% stake in grocery delivery start-up Cornershop. Uber will acquire all of Cornershop in an all-stock transaction.
Uber wrote-up an agreement with Cornershop Global LLC’s minority shareholders to acquire 47% stake in online grocery provider Cornershop for 29 million Uber shares. The purchase price is worth $1.4 billion based on Uber’s Friday closing price of $49.70. Under the agreement, Cornershop will become Uber’s wholly-owned subsidiary. Uber and Cornershop expect the transaction to close in July of this year. Uber founder and CEO Oskar Hjertonsson tweeted about the deal the day it was announced.
1 When building your future with someone… at some point you gotta go all-in! Today we’re announcing that @Uber will acquire 100% of Cornershop. We’re thrilled to join @dkhos and the Uber team to build better solutions for instant local commerce around the world. 🌎
— Oskar Hjertonsson (@ohjertonsson) June 21, 2021