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Delivery Hero buys InstaShop to expand in Middle East, North Africa

Credit: REUTERS/FABRIZIO BENSCH

August 27, 2020 — 01:56 am EDT

Written by Riham Alkousaa for Reuters ->

BERLIN, Aug 27 (Reuters) - German online takeaway food group Delivery Hero DHER.DE said on Thursday it is acquiring online grocery service InstaShop for an initial purchase price of around $270 million, after the company almost doubled its revenues in the first half of 2020.

InstaShop, based in Dubai, operates in the Middle East and North Africa and has an annualized gross merchandise volume of $300 million, Delivery Hero said.

(Reporting by Riham Alkousaa; editing by Thomas Seythal)

((Riham.Alkousaa@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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