2023-07-21 17:00:42
Delivery Hero said that it has bought all remaining minority stakes – which represent 37% – in “HungerStation Holding Limited”, the sole shareholder in the Saudi “Hungerstation”, which operates in the Kingdom.
The total value of the deal amounted to $297 million (equivalent to 1.11 billion riyals), which Delivery Hero considered a very attractive purchase price, according to a statement issued by the company.
Founded in 2012, HungerStation is one of the leading Saudi food delivery companies, connecting customers with more than 10,000 partners. The company’s revenue increased by 36% last year to €609 million, and it posted a positive EBITDA, including group costs, of more than €50 million.
“We believe in Saudi Arabia’s vision, ambition and potential for 2030, and we are committed to contributing to its continued success through HungerStation,” said Niklas Ostberg, CEO and Co-Founder of Delivery Hero. “I look forward to continuing to build great products and deliver an amazing experience to our Saudi customers.”
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