Walmart has entered into a definitive agreement to acquire Cornershop, an online marketplace for supermarkets, pharmacies and specialty food retailers in Mexico and Chile. The deal is valued at $225 million.
The marketplace will remain an open platform that delivers items from a variety of retailers after the transaction closes. Cornershop will still be led by CEO Oskar Hjertonsson, COO Daniel Undurraga and Chief Technology Officer Pablo Cuevas.
“Cornershop’s digital expertise, technology and capabilities will strengthen our successful businesses in Mexico and Chile and provide learning for other markets in which we operate,” said Judith McKenna, president and CEO of Walmart International in a statement. “This is an opportunity to leverage both of our brands, as well as Walmart’s strong supply chain and store network.”
Walmart has been bolstering its international grocery capabilities throughout 2018, beginning with an alliance with Japanese e-Commerce company Rakuten announced in January. Walmart launched an online grocery delivery service for shoppers on Rakuten’s platform through the partnership.
In August, JD.com and Walmart invested a combined $500 million in Dada-JD Daojia, a Chinese grocery delivery company. Dada-JD Daojia consists of two businesses:
- New Dada, which crowdsources delivery through a network of 5 million workers; and
- JD Daojia, which partners with retail stores and provides one-hour delivery services of groceries and other items.