The German online food delivery business Delivery Hero said on Friday that it has completed a $297 million deal to acquire full Ownership of its Saudi Subsidiary

In an effort to increase its footprint in the Middle Eastern food delivery sector, the Berlin-based company announced it has acquired the remaining 37% ownership in HungerStation, which runs delivery hero in Saudi Arabia.

Delivery Hero’s stock fell 1.4% in afternoon Trading.

Niklas Stberg, CEO and Co-Founder of Delivery Hero stated in a statement, “We believe in the Kingdom of Saudi Arabia’s 2030 vision, ambition, and potential, and are committed to contributing to its continuous success through HungerStation. One of the largest meal delivery services in Europe, Delivery Hero, has a market value of $10 billion.

The company has struggled in its Home Market of Germany, where it was forced to leave in December 2021 after falling short against Just Eat Takeaway.com, a company located in the Netherlands.

There are many businesses working in the very competitive industry of food delivery. As a result, consolidation has become necessary, with different businesses buying out rivals in order to grow.

Delivery Hero stated in a statement on Friday that Hunger Station links more than 10,000 businesses with customers, including Restaurants and Grocery stores. Delivery Hero noted that the agreement will aid the company in forging closer links with HungerStation and the rest of the company’s portfolio. — Tycoonstory Media