Delivery Hero SE has agreed to buy InstaShop at a $360 million valuation expanding the Berlin-based food-delivery's grocery service in the Middle East and North Africa.
Delivery Hero will initially pay $270 million and is deferring the rest until the company hits growth and profitability targets in coming years, the company said in its half-year report on Thursday.
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Delivery Hero, which recently replaced defunct payments company Wirecard AG in Germany's DAX benchmark index, also raised its estimates for segment revenues to as much as 2.8 billion euros ($3.3 billion), from up to 2.6 billion euros previously.
The company's shares rose 1.5% in Frankfurt on Wednesday and have gained 35 per cent this year.
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