AmRest Holdings SE (“AmRest”, the ”Company”) announces signing on July 17th, 2018 the Shareholders' Agreement, Subscription Agreement and Share Purchase Agreement (altogether: “Agreements”) with Glovoapp23, S.L., based in Barcelona, Spain (“Glovo”) and its existing and new shareholders. Based on the Agreements AmRest will acquire a tranche of newly issued shares in Glovo as well as purchase a portion of existing shares from certain shareholders of Glovo (“Investment”). As a result of the Investment in the total amount of EUR 25 million, AmRest will become co-lead investorholding 10% of total number of Glovo shares. The Investment will assure AmRest a board seat in Glovo.
Glovo is one of the key players in digital food delivery on the Spanish market. It is an application that allows to buy, collect and send any product within the same city at a time. It has more than 1 million users and 5,600 associated partners. In Spain, the service is available in the urban areas of 21 cities. Internationally, Glovo operates in the main capital cities in Europe and EMEA, and also in 9 countries of LATAM. Currently Glovo is present in 61 cities of 17 countries throughout the world.
Taking into consideration the growing importance and impact of digital technologies in the consumer foodservice sector and increasing market share of online food-ordering channel, the Board of Directors of AmRest believes that the partnership with Glovo will strengthen the Company’s position in the aggregator and delivery segment. Another investment into digital ventures is a natural decision embodying the AmRest’s strategy of achieving the leading position on all the markets of AmRest operation in both dine-in and delivery segment.
Art. 17 Sec. 1 of Regulation (EU) No 596/2014 of The European Parliament and of The Council of 16 April 2014 on market abuse (Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC