One of Europe's biggest food delivery firms doubles down on Middle East with $300 million Saudi deal

Delivery Hero, the German online nutrient transportation company, said Friday that it is taking afloat ownership of its Saudi subsidiary successful a transaction valued astatine $297 million.

The institution said it has bought the remaining 37% involvement successful HungerStation, which operates Delivery Hero successful Saudi Arabia — successful a woody that represents an effort from the Berlin-headquartered steadfast to grow its beingness successful the Middle Eastern nutrient transportation market.

Shares of Delivery Hero were down 1.4% during day trade.

"We judge successful the Kingdom of Saudi Arabia's 2030 vision, ambition and potential, and are committed to contributing to its ongoing occurrence done HungerStation," Niklas Östberg, CEO and Co-Founder of Delivery Hero, said successful a statement.

Delivery Hero is 1 of Europe's biggest nutrient transportation companies, commanding a $10 cardinal marketplace value.

The steadfast has had troubles successful its location marketplace of Germany, wherever it was forced to discontinue successful December 2021 aft losing retired to Netherlands-based Just Eat Takeaway.com.

Food transportation is an intensely competitory assemblage with aggregate companies operating successful the space. This has led to inevitable consolidation, with assorted companies acquiring competitors to execute scale.

HungerStation connects much than 10,000 partners, including restaurants and market stores, with customers, Delivery Hero said successful a connection Friday.

The woody volition assistance the steadfast physique stronger ties with HungerStation and the remainder of the company's portfolio, Delivery Hero added.