Glovo CEO Says He Won’t Sell to Delivery Hero, Works Toward IPO

(Bloomberg) -- Glovo, the Spanish food-delivery company, isn’t interested in combining with its acquisitive shareholder Delivery Hero SE and plans to work toward a public listing, Chief Executive Officer Oscar Pierre said.

Delivery Hero’s CEO Niklas Ostberg said in July that he holds regular discussions with other food delivery companies, including Glovo, about potential deals. In December, the German company agreed to buy Glovo’s Latin American business and earlier this month, it said it had plans to raise as much as 1.3 billion euros ($1.6 billion) from a share sale.

“Delivery Hero is a super good partner,” Pierre said. “They know our dream is to stay independent, and they respect it.”

Delivery Hero’s press office didn’t respond to an email and a voice message seeking comment.

Glovo, whose valuation passed the 1 billion-euro mark in 2019, is instead planning for an initial public offering sometime in the next three years, he said. Glovo, like many delivery companies, has seen a surge in orders after the Covid-19 pandemic forced shoppers and diners to stay home last year.

Read More: Spanish Delivery App Glovo Gets $121 Million for ‘Dark Stores’

“We still have a lot of work to do in terms of admin, finance and business, but it’s realistic to think we will do an IPO within the next three years,” he said