Spain's AmRest Holdings SE said Aug. 13 that it agreed to sell 100% of its unit Restaurant Partner Polska Sp. z o.o., which does business as PizzaPortal, to Barcelona-based software developer Glovoapp23 S.L.,
The fast-food restaurant company is divesting PizzaPortal for €30 million, plus €5 million of conditional earn-out consideration.
AmRest will receive a combination of cash and newly issued shares of Glovo, according to the release. Glovo operates a platform for online ordering and delivery of food and other consumer goods in 202 cities across 26 countries. The Glovo app has more than 5.5 million users and 16,000 associated partners across Eastern Europe, the Middle East, and Africa, Latin America, and most recently, sub-Saharan Africa.
AmRest did not disclose the expected completion date but said the deal is subject to customary closing conditions.