Facedrive Finalizes Acquisition of foodora Assets
Facedrive Inc., the first Canadian ridesharing network, announced that on July 9th, 2020, it has closed the transaction to acquire certain assets of foodora Inc. Facedrive had initially disclosed the Acquisition Transaction on May 14, 2020, by announcing that it had entered into a binding term sheet with foodora Canada within the context of the proposal proceedings commenced by foodora Canada under the Bankruptcy and Insolvency Act. Facedrive and foodora Canada formalized the terms of the binding term sheet in a definitive purchase agreement dated June 1, 2020.
Pursuant to the terms of the Purchase Agreement, Facedrive will gain immediate access to foodora Canada’s hundreds of thousands of customers, subject to customer consent and opt in. In addition, it will gain access to the information and certain data associated with over 5,500 restaurant partners previously served by foodora Canada. In exchange for these assets, Facedrive paid a purchase price of $500,000. When the deal was initially announced, the Acquisition Transaction was subject to several conditions, including the negotiation and execution of the Purchase Agreement and obtaining Court approval. Today’s announcement indicates that all necessary conditions and approvals have been satisfied and obtained such that Facedrive is able to complete the Acquisition Transaction.
The Acquisition Transaction intends to significantly accelerate the business development and market penetration of Facedrive Foods, Facedrive’s food delivery platform, and marks a significant win for the division. Facedrive Foods pursues a “people and planet first” business ethos offering eco-friendly deliveries, with each delivery contributing a portion of the fee towards local tree-planting initiatives to help reduce carbon emissions.
“By completing the transaction on time and as envisioned, the Facedrive team has shown once again our commitment to deliver on our promises to our customers, partners and shareholder,” said Facedrive's Chairman and CEO Sayan Navaratnam. “We are absolutely excited and honoured to service foodora’s customers and work with foodora’s restaurant partners.”
Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.