The closing of the EUR 170 million acquisition of Delivery Hero’s operations in the Balkans, including Bulgaria (Foodpanda), by Spanish company Glovo was finalized in the second half of June 2021. The company ownership transfer took place on the same day in five separate legal jurisdictions - Bulgaria, Serbia, Montenegro, Bosna & Herzegovina and Croatia. Gugushev & Partners Law Office team, led by Victor Gugushev (Partner) represented and signed on behalf of the seller Foodpanda Gbmh in Bulgaria, thus completing the strategic transaction. Gugushev & Partners team also included Dimitrinka Metodieva (Senior Partner) and Kiril Gyorev (Associate).
In the course of this endeavour, the legal team of Gugushev & Partners Law Office team provided the full spectrum of legal services throughout all stages of the transaction for Bulgaria. As the deal was characterized by its highly complex cross–border aspects, we collaborated and worked alongside the teams of Foodpanda GmbH and the legal team of Cuatrecasas (Lead Spanish Legal Adviser), led by Diana Rivera and Kai Christian Fischer and also, including attorneys-at-law Paula Martinez Moreno, Miguel Angel Castano Martin and Julio Otero Vazquez.
Delivery Hero SE, headquartered in Berlin, Germany, is the world’s leading local delivery platform, providing services in around 50 countries across Asia, Europe, Latin America, the Middle East and North Africa. Operating under the Foodpanda brand on the Bulgarian market for the past several years, it’s one of the local market leaders of delivery services. With this transaction, Delivery Hero continues to optimize its operations and investments in key strategic markets.