Walmart To Acquire Cornershop For $225 Mln
Walmart Inc. (WMT) said it has agreed to acquire Cornershop, Inc. for $225 million. Cornershop is an online marketplace for on-demand delivery from supermarkets, pharmacies and specialty food retailers in Mexico and Chile.
Walmart noted that the transaction represents further investment by the company in last-mile delivery and is also an important step forward in accelerating the company's omnichannel capabilities as well as growth in Latin America.
The acquisition follows Walmart's recent investment in Dada-JD Daojia in China and the strategic alliance with Rakuten in Japan.
Judith McKenna, president and CEO of Walmart International said, "Cornershop's digital expertise, technology and capabilities will strengthen our successful businesses in Mexico and Chile and provide learning for other markets in which we operate. This is an opportunity to leverage both of our brands, as well as Walmart's strong supply chain and store network."
Cornershop is rapidly building scale, with the number of unique users doubling in the past 12 months. Cornershop's three founders, Oskar Hjertonsson, CEO; Daniel Undurraga, chief operating officer; and Juan Pablo Cuevas, chief technology officer, and their teams, will continue to lead the business.
Cornershop will remain an open platform that will continue to deliver from a variety of retailers, extending the convenience and availability of food, health & wellness and packaged goods for customers in Mexico and Chile.
Walmart expects closing of the transaction by the end of the year. (dpa)
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