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La Cofece authorizes the concentration between Uber and Cornershop

Mexico‘s Federal Economic Competition Commission (Cofece) authorized the merger between Uber Technologies and Cornershop.

In October 2019, it agreed to buy a majority stake in Cornershop, an online grocery delivery platform that operates primarily in Chile and Mexico, which was completed in 2020.

Consequently, Cofece authorized the concentration between Accel Growth Fund IV, Cornershop, Uber Technologies, Accel XII LP and certain individuals.

Uber Technologies agreed to pay up to approximately $ 459 million for its majority stake in Cornershop, an amount payable in cash and shares of the company’s common stock as defined in the agreement.

In October 2019, Uber Technologies made an initial investment of $ 50 million for a 7.1% stake, on a fully diluted basis, in Cornershop.

Cofece

Uber Technologies paid the remaining portion of the purchase price and acquired the majority stake during 2020, subject to receipt of regulatory approvals and other closing conditions.

Cofece is the authority in charge of applying the Federal Law on Economic Competition in all sectors, except telecommunications and radio broadcasting.

From the analysis carried out by Cofece, it is considered that, if the notified operation were carried out, it would have little probability of affecting the process of free competition and economic competition.

 

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