The food delivery company claims Jeff Bezos is its only recourse to survival.
Having previously blocked Amazon’s proposed investment in Deliveroo pending an investigation into its impact on food delivery competition, the Competition and Markets Authority (CMA) has provisionally approved Jeff Bezos’ funding. The U-turn comes after Deliveroo claimed it would need to “exit the market” — translation: collapse — without the $575 million (£460,816,500) investment round, according to the Verge. That investment has depreciated by around £15 million since its initial announcement in May 2019.
The full text of the CMA’s provisional decision, with confidential figures removed, says that, initially, “the Competition and Markets Authority (CMA) was concerned that the deal could damage competition by discouraging Amazon from re-entering the online restaurant food market” — and, in turn, consolidating Deliveroo’s strength alongside Uber Eats and Just Eat.
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