Cooley advised Shipt, a leading online same-day delivery platform, on its sale to Target for $550 million in cash.
The deal is expected to close before the end of the year. Jamie Leigh, partner and co-chair of Cooley’s M&A group, led the team advising Shipt on the transaction.
Under the terms of the sale, Shipt will operate as a wholly owned Target subsidiary, and will continue to run as an independent business. The acquisition will enable Target to leverage Shipt’s proprietary technology to bring same-day delivery services to nearly half its stores by early 2018. At launch, Target plans to offer same-day delivery of groceries, essentials, home, electronics and other products. According to Target, the offering for same-day delivery will expand over time and it hopes to include all major product categories by the end of 2019.
Founded in 2014, Shipt is the nation’s fastest-growing online grocery marketplace, working with leading retailers and local stores to deliver groceries via a convenient app. In September, Cooley advised Plated on its sale to Albertsons, marking the first acquisition of a meal delivery service by a traditional grocer.
Cooley advised Shipt with a team led by Jamie Leigh (Picture).
Involved fees earner: Jamie Leigh – Cooley LLP; Peter Chess – Cooley LLP; Charles Haley – Cooley LLP; Thomas Connors – Cooley LLP; Todd Gluth – Cooley LLP; Chris Mayer-Dempsey – Cooley LLP; Barbara Mirza – Cooley LLP; Wendy Brenner – Cooley LLP; Joshua Friedman – Cooley LLP; Jacqueline Grise – Cooley LLP; Tanisha James – Cooley LLP; Julia Renehan – Cooley LLP;
Law Firms: Cooley LLP;
Clients: Shipt, LLC;