Walmart is acquiring Cornershop, Inc., an online marketplace for on-demand delivery from supermarkets, pharmacies and specialty food retailers in Mexico and Chile.
The transaction is a step forward in accelerating the company’s omnichannel capabilities and growth in Latin America, Walmart said.
Walmart has entered into a definitive agreement to acquire Cornershop for $225 million. Cornershop is an online marketplace for crowdsourced, on-demand delivery in Mexico and Chile. 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.
“We are focused on making life easier for customers and associates by building strong local businesses, powered by Walmart,” said Judith McKenna, president and CEO of Walmart international. “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. Combining Cornershop’s innovative, crowdsourced delivery platform with Walmart’s unique assets will allow us to accelerate growth for both companies.”
Closing of the transaction is subject to regulatory approval and is expected by the end of the year.