Uber (UBER) to acquire interests in Cornershop in an all-stock transaction

June 21, 2021 8:35 AM EDT

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Uber (NYSE: UBER) disclosed:

On June 18, 2021, Uber Technologies, Inc. (the “Company”) reached an agreement with the minority shareholders of Cornershop Global LLC (“Cornershop”) to acquire their interests in Cornershop in an all-stock transaction following which Cornershop will become a wholly-owned subsidiary of the Company. The Company acquired a majority stake in Cornershop in Q3 2020 (other than in Mexico, which closed in January 2021). With this transaction, the Company is acquiring the remaining approximately 47% interest in exchange for approximately 29 million shares of the Company (including approximately 4 million shares in respect of assumed outstanding stock options), subject to certain adjustments set forth in the definitive agreement. The transaction is subject to customary closing conditions and is expected to close in July 2021. Cornershop’s financial results are already fully consolidated in the Company’s financial statements given the Company’s existing majority ownership, therefore no change is expected to the Company’s Gross Bookings, Revenue or Adjusted EBITDA as a result of the transaction.

The Company intends to issue the shares of Uber Common Stock described herein (other than the shares issuable in respect of assumed outstanding stock options) in reliance upon the exemptions from registration afforded by Section 4(a)(2) and Rule 506 promulgated under the Securities Act of 1933, as amended.



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