Glovo has signed an agreement with Delivery Hero, which operates the Foodpanda delivery service in Romania, to acquire the latter's operations in Romania, Bulgaria, Bosnia and Herzegovina, Croatia, Montenegro and Serbia for EUR 170 mln, Economica.net reported.

"Delivery Hero has built a top business in the Balkans in recent years. However, with a lot of operational priorities on our plate, we believe Glovo would be better positioned to continue to build an amazing experience for our customers in this region," said Niklas Östberg, CEO and co-founder of Delivery Hero.

The transaction will allow Delivery Hero to optimize its operating footprint and invest in other major markets, the company said.

The transaction is expected to be completed in the coming weeks, depending on the conditions.

Glovo's acquisition of Foodpanda in Romania is expected to be completed in the first quarter of 2022, the company also announced.

Foodpanda.ro, part of the Delivery Hero group, is the largest online food ordering platform in Romania and collaborates with over 6,000 merchants (restaurants and retailers) in Bucharest and major cities in the country.

Glovo has been present in Romania for four years, and last year it announced that it maintains its leading position on the local market for fast delivery platforms.

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andrei@romania-insider.com