It will acquire the grocery-delivery startup in early 2020 for an undisclosed sum. Cornershop operates primarily in Latin America, though it partnered with Walmart to launch in Toronto earlier this month. (The Logic)
Talking point: This is Uber’s latest effort to expand out of its core ride-hailing business amid legal troubles in California over the employment status of its drivers. The firm is also testing grocery delivery in Australia, and launched a shift-work app in Chicago earlier this month. For Cornerstone, this is an opportunity to further expand its services outside Latin America after a planned acquisition by Walmart fell through in June. Mexican antitrust regulators blocked that deal on the basis that controlling a delivery platform that sells its own merchandise, alongside that of its rivals, would give Walmart outsized market dominance. That issue doesn’t apply to Uber, but the deal is still subject to regulatory approval.