Source: Madamasr
Author(s): Hadeer El-Mahdawy
Original Link: https://madamasr.com/en/2019/08/18/feature/economy/the-protection-of-competition-a-suspended-verdict/
On May 1, the courier service Glovo unexpectedly announced that it will suspend operations in both Egypt and Chile — one day after the company received 150 million euros from investors and venture capital funds.
The timing of the move raised speculations regarding the pressure that the German company Delivery Hero might have exercised on Glovo. Delivery Hero owns 16% of Glovo’s shares, and there was speculation that the former would only approve of the fund transfer if Glovo pulled out of Egypt. Aside from the shares in Glovo, Delivery Hero owns the online food delivery service Otlob, its major competitor in the Egyptian market.
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