The website of food delivery service Delivery Hero.
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One of Europe’s biggest food delivery firms doubles down on Middle East with $300 million Saudi deal
Shares of Delivery Hero were down 1.4% during afternoon trade.
“We believe in the Kingdom of Saudi Arabia’s 2030 vision, ambition and potential, and are committed to contributing to its ongoing success through HungerStation,” Niklas Östberg, CEO and Co-Founder of Delivery Hero, said in a statement.
Delivery Hero is one of Europe’s biggest food delivery companies, commanding a $10 billion market value.
The firm has had troubles in its home market of Germany, where it was forced to quit in December 2021 after losing out to Netherlands-based Just Eat Takeaway.com.
Food delivery is an intensely competitive sector with multiple companies operating in the space. This has led to inevitable consolidation, with various companies acquiring competitors to achieve scale.
HungerStation connects more than 10,000 partners, including restaurants and grocery stores, with customers, Delivery Hero said in a statement Friday.
The deal will help the firm build stronger ties with HungerStation and the rest of the company’s portfolio, Delivery Hero added.
