Money Makers Mentor

Uber to Acquire Remaining Shares of Grocery Start-Up Cornershop

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.

Transaction Details

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.

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