GT Law represents Delivery Hero in Hugo acquisition
Greenberg Traurig has counselled Delivery Hero on a deal with Hugo to expand its home delivery business in Central America and the Caribbean
Global firm Greenberg Traurig, LLP has represented Delivery Hero in its agreement with Hugo to acquire the multi-category market’s core food delivery and fast trade business in Central America and the Caribbean.
The transaction is expected to close in the first quarter of 2022 and is subject to relevant regulatory approvals. Bank of America supported as exclusive financial advisor to Hugo, while Alta-Valdés Suarez & Velasco participated as legal advisor.
Niklas Östberg, president and co-founder of Delivery Hero, said: “We are excited to expand our footprint in Central America. With the acquisition of hugo we will also strengthen our express delivery operations locally. Alejandro and his team have built an incredible business, with an unerring ability to identify opportunities in underdeveloped markets while outperforming global competitors in those markets. Today, we see great growth and expansion opportunities for hugo and are excited to welcome him to our community of entrepreneurs to push the global home delivery industry forward.”
“I am really proud of the growth that the Hugo team has achieved in just 4 years. Thanks to our focus on local economic growth and social impact, Hugo has become the app of choice for thousands of users, businesses and drivers in the region. I am personally excited to join forces with Delivery Hero, one of the world’s leading companies, as it will allow us to expand our reach and together continue to deliver world-class experiences to our users and partners across the region,” said Alejandro Argumedo, president and co-founder of Hugo.
Ricardo Cuellar, Finance director and co-founder of Hugo, said: “As founders we are proud of how Hugo is making history with this transaction which is the only one of its kind in the Central American and Caribbean region. Since our inception we have overcome great challenges and have consolidated capital investments benefiting small entrepreneurs and businesses. The acquisition of Delivery Hero will accelerate economic growth in the region, which also confirms to us that the decisions we have made along the way have paid off. We would like to take this opportunity to thank our team, partners, investors, customers, drivers and everyone who has believed in our dream for being part of this success. The global food delivery industry is consolidating and we couldn’t be happier to join the world’s leading company in this category.”
“In just a few years we have been able to position the region as a potential technology hub, demonstrating that there is local talent that can match that of more developed countries. This fuels our dream of motivating future generations of entrepreneurs,” added Juan Maceda, chief Technology officer and co-founder of Hugo.
Founded in 2017, Hugo is currently active in more than 40 cities in six countries: Guatemala, El Salvador, Honduras, Nicaragua, Dominican Republic and Jamaica. With more than 800 employees and 1.3 million registered users, it offers multi-category marketplace services for food delivery, grocery delivery, pharmacy delivery and e-commerce, as well as financial and on-demand services.
GT Law’s Miami team included managing partner Yosbel A. Ibarra (pictured top left), shareholder Carol Barnhart (pictured top right), associate Anthony J. Fernandez (pictured bottom left) and tax practice co-chair L. Frank Cordero (pictured bottom right).
