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Uber Gets Mexico Green Light to Buy Grocery Delivery Cornershop

Bloomberg logoBloomberg 12/14/2020 Andrea Navarro
a person riding a motorcycle on a city street: A worker rides a bicycle while making a Cornershop app delivery in Mexico City, Mexico, on Friday, April 3, 2020. As the coronavirus pandemic strangles economies and throws people out of work, food delivery drivers are competing for orders. © Photographer: Alejandro Cegarra/Bloomberg A worker rides a bicycle while making a Cornershop app delivery in Mexico City, Mexico, on Friday, April 3, 2020. As the coronavirus pandemic strangles economies and throws people out of work, food delivery drivers are competing for orders.

(Bloomberg) -- Mexico’s antitrust regulator Cofece gave a green light for Uber Technologies Inc. to acquire a majority stake in grocery delivery service Cornershop.

The regulator’s approval was the only piece missing for the deal to be complete, Uber said in a statement Monday. Cornershop has been operating under Uber in select cities across Latin America, U.S. and Canada since July.

Uber is looking at food and grocery delivery as a way to grow as more people stay home during the pandemic. For two straight quarters, Uber has made more money dropping off food than transporting people. Uber is looking to expand by handling groceries and pharmacy items in addition to prepared meals. Terms for the Cornershop deal haven’t been disclosed.

In June, Uber also announced the $2.6 billion acquisition of food delivery company Postmates Inc., a deal expected to increase the company’s footprint and range of restaurants in the U.S.

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