Walmart expands last-mile delivery capabilities with new acquisition
Walmart is enhancing its online grocery delivery capabilities south of the border.
The purchase is intended to ramp up multi-platform capabilities in the region, and follows similar investments in China and Japan.
The discounter has entered into a definitive agreement to acquire Cornershop, an online marketplace for on-demand delivery of food, health & wellness and packaged goods from supermarkets, pharmacies and specialty food retailers in Mexico and Chile, for $225 million.
Under the terms of the agreement, Cornershop will remain an open platform that will continue to deliver from a variety of retailers. Its three founders — Oskar Hjertonsson, CEO; Daniel Undurraga, COO; and Juan Pablo Cuevas, chief technology officer, and their teams — will continue to lead the business.
“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,” said Judith McKenna, president and CEO of Walmart International. “Combining Cornershop’s innovative, crowdsourced delivery platform with Walmart’s unique assets will allow us to accelerate growth for both companies, delighting our customers by saving them both time and money.”
Closing of the transaction is subject to regulatory approval and is expected by the end of the year.
The purchase is intended to ramp up multi-platform capabilities in the region, and follows similar investments in China and Japan.
The discounter has entered into a definitive agreement to acquire Cornershop, an online marketplace for on-demand delivery of food, health & wellness and packaged goods from supermarkets, pharmacies and specialty food retailers in Mexico and Chile, for $225 million.
Under the terms of the agreement, Cornershop will remain an open platform that will continue to deliver from a variety of retailers. Its three founders — Oskar Hjertonsson, CEO; Daniel Undurraga, COO; and Juan Pablo Cuevas, chief technology officer, and their teams — will continue to lead the business.
“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,” said Judith McKenna, president and CEO of Walmart International. “Combining Cornershop’s innovative, crowdsourced delivery platform with Walmart’s unique assets will allow us to accelerate growth for both companies, delighting our customers by saving them both time and money.”
Closing of the transaction is subject to regulatory approval and is expected by the end of the year.