The retail giant Walmart has announced that it has entered a definitive agreement to acquire Cornershop Inc., for $225 million. Cornershop Inc. is the leading online marketplace for on-demand delivery in Mexico and Chile. This investment will help Cornershop grow its influence over Latin America and also help Walmart increase its visibility in that part of the world as it looks to improve upon its presence internationally.
Walmart CEO Judith McKenna has said that the company’s business will stand to gain from Cornershop’s “digital expertise, technology, and capabilities” in Mexico and Chile. This move will further help both the brands improve their supply chain and store network. Further, the CEO in her statement said, “We are excited to welcome Cornershop to the Walmart family.”
Cornershop makes on-demand delivery from supermarkets, pharmacies and specialty food retailers in Mexico and Chile. With Cornershop’s innovation and Walmart’s assets, both companies stand to gain from the collaboration. Walmart says the deal is subject to regulatory approval and is expected to close the deal by the end of this year. Cornershop will remain an independent company working under Walmart where it will continue with its services in Mexico and Chile.