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Wolf Theiss advises Glovo in the EUR 170 million acquisition of Delivery Hero’s 6 companies in CEE

Wolf Theiss successfully assisted Glovoapp23, S.L. (“Glovo”), one of the world’s leading multi-category delivery players, in the multijurisdictional EUR 170 million acquisition of the operations of Delivery Hero in Romania, Croatia, Serbia, Bulgaria, Montenegro and Bosnia-Herzegovina. Closings occurred today, 17 June 2021, in Serbia, Bulgaria, Montenegro and Bosnia-Herzegovina, while in Romania the transaction remains subject to clearance by the Romanian Competition Council.

The Romanian team of Wolf Theiss led by Partner Ileana Glodeanu acted as coordinator for the multijurisdictional advice which regarded all stages of the transaction, from the performance of the legal due diligence on the target entities to local advice on the transactional documentation, closing and transitional actions. The acquisition was complex given the nature of the sector, the manner in which the business is organized for the delivery of foods and goods through internet technology, as well as given the transaction structure entailing separate sale purchase agreements. The acquisition of the Serbian, Bulgarian, Montenegrin and Bosnian Delivery Hero entities was completed on 17 June 2021. In Romania, the transaction is conditional upon clearance by the Romanian Competition Council.

Through this landmark deal, Glovo acquired the Foodpanda brand in Romania and Bulgaria, the Donesi brand in Serbia, Montenegro, Bosnia and Herzegovina, and Pauza in Croatia. Earlier this year Wolf Theiss also assisted Glovo in the acquisition of the Slovenian food delivery firm Ehrana.

This project has been one of the largest transactions for Glovo to date and it has been particularly challenging as it involved several different jurisdictions in Central and Eastern Europe. Over the last months we have been working closely with all Wolf Theiss teams involved in the transaction and their help in each of the jurisdictions and areas of expertise has been essential for the successful achievement of the transaction.“, stated Glovo’s Head of Legal.

Ileana Glodeanu, Wolf Theiss Partner and Coordinator of the Corporate / M&A team in Romania: “We are grateful to have been together with Glovo and the lead Spanish counsel Uria Menendez in this strategic e-commerce / multi-category delivery app transaction. For Wolf Theiss team, it is always a delight to assist world’s leading players in strengthening their footprint in the CEE region. My colleagues in all 6 CEE jurisdictions have masterfully put all their dedication and expertise into the successful completion of this project.”

In Romania, under the lead of Ileana Glodeanu, contributed to the success of this transaction: Luciana Tache (Senior Associate, Corporate M&A), Mircea Ciocîrlea (Counsel, Corporate M&A), George Ghitu (Senior Associate, Corporate M&A), Nina Lazar (Associate, IP&IT), Andreea Stan (Senior Associate, Employment), Costin Salaru (Associate, Employment), Cornelia Postelnicu (Associate, Corporate M&A), Iulia Cumparatu (Associate, Corporate M&A), Flaviu Nanu (Counsel, Estate), Sorin Dumitru (Senior Associate, Dispute Resolution & IP), Anca Jurcovan (Partner, Competition), Ionescu Maria (Associate, Competition).

In Serbia and Montenegro the team was coordinated by Natasa Lalovic Maric (Partner, Corporate, M&A) and included: Vidak Kovacevic (Counsel, Real Estate), Maja Stankovic (Counsel, Competition), Aleksandar Ristic (Senior Associate, Corporate, Litigation), Marijana Zejakovic (Senior Associate, Employment, Data Protection), Marko Tesanovic (Senior Associate, Banking and Finance), Milos Andjelkovic (Senior Associate, Banking and Finance), Aleksandra Andjelkovic (Associate, IP).

In Croatia, the team included: Luka Tadic-Colic (Partner, Corporate M&A and Competition) as team coordinator and Ira Peric Ostojic (Consultanat, Employment & GDPR).

In Bulgaria the team included coordinated by Katerina Novakova (Counsel, Projects, Regulatory & Procurement, Litigation), Zulieta Markova (Associate, Competition, Employment, IP & IT), Nikoleta Ratcheva (Associate, Corporate), Yanitsa Radeva (Associate, Tax, Corporate), Bisera Petsovska (Associate, Employment, Tax), Kristian Yabalkarov (Associate, Corporate).

In Bosnia and Herzogovina, the team of lawyers included: Naida Čustović – Law Office Naida Čustović in cooperation with Wolf Theiss (Banking and Finance, Corporate, Competition Antitrust, Projects), Lamis Kulenović – Associate at Law Office Naida Čustović in cooperation with Wolf Theiss (Corporate, Employment, IP & IT), Alija Genjac – Associate at Law Office Naida Čustović in cooperation with Wolf Theiss (Disputes, Corporate, Banking and Finance), Vedran Hadžimustafić – Associate at Wolf Theiss (Corporate, Employment) and Ajla Delić – Associate at Wolf Theiss (Banking and Finance, IP & IT, Corporate).

About Glovo

Glovo is a pioneering multi-category delivery app and one of the world’s leading delivery platforms. Founded in Barcelona in 2015, it operates in South West Europe, Eastern Europe and Sub-Saharan Africa. The app connects users with restaurants, grocery chains, pharmacies and retail stores, and also includes an “anything” category that allows users to order whatever they want.

About Delivery Hero

Delivery Hero is the world’s leading local delivery platform, operating its service in around 50 countries across Asia, Europe, Latin America, the Middle East and North Africa. The company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 10-15 minutes. Headquartered in Berlin, Germany, Delivery Hero is listed on the Frankfurt stock exchange since 2017 and became part of the leading index DAX (Deutscher Aktienindex) in 2020.

ABOUT WOLF THEISS

Wolf Theiss is one of the leading European law firms in Central, Eastern and South-Eastern Europe with a focus on international business law. With 340 lawyers in 13 countries, over 80% of the firm’s work involves cross-border representation of international clients. Combining expertise in law and business, Wolf Theiss develops innovative solutions that integrate legal, financial and business know-how.

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