Amazon's purchase of a stake in Deliveroo has been provisionally cleared by Britain's competition regulator in view of a potentially fatal ...
Amazon's purchase of a stake in Deliveroo has been provisionally cleared by Britain's competition regulator in view of a potentially fatal deterioration in the online food delivery group's finances because of the coronavirus pandemic.
Amazon.com Inc led a US$575 million fundraising in Deliveroo last May, making what the two parties called"a minority investment" and pitching it against Uber Eats and Takeaway.com in the global race to dominate the market for meal deliveries.
The regulator said Deliveroo informed it the impact of the pandemic on its business meant it would fail financially and exit the market without the Amazon investment. "Faced with that stark outcome, we feel the best course of action is to provisionally clear Amazon's investment in Deliveroo," he said."This investment will help us to overcome immediate and long-term challenges," a spokeswoman said.
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