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Uber to buy majority stake in grocery delivery startup Cornershop


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Uber to buy majority stake in grocery delivery startup Cornershop

Uber Technologies Inc. said Oct. 11 the company will buy a majority stake in delivery startup Cornershop.

Cornershop provides online grocery delivery in Chile, Mexico, Peru and Toronto. The company will continue to operate under its current leadership after the transaction.

Uber's entry into grocery delivery comes at a time when the ride-hailing company is expanding its restaurant delivery arm and freight delivery businesses.

The San Francisco-based company, which went public in May, did not disclose the financial terms of the deal.

The investment is expected to close in early 2020, subject to regulatory approval.

In 2018, Walmart Inc. said it was planning to acquire Cornershop. However, Mexican antitrust regulators in June blocked the takeover, saying the proposed deal would give the retail giant an unfair advantage over rival retailers.

Walmart recently partnered with Cornershop to expand its grocery delivery service in Toronto.