Market Chatter: Meituan Looks to Launch Keeta Food Delivery Service in Brazil for $1 Billion

MT Newswires Live

05-13

Meituan (HKG:3690) is looking to invest $1 billion to launch its Keeta food delivery service in Brazil, Bloomberg News reported Tuesday.

The food delivery company will launch Keeta within months after signing an investment agreement on Monday, with Brazilian President Luiz Inacio Lula da Silva and Meituan Chief Executive Officer Wang Xing in attendance, the report said.

Meituan's entry in Brazil is part of its global expansion strategy after entering the Middle East, the report said.

Meituan's investment is seen as part of an investment worth 27 billion Brazilian reais announced by Chinese businesses during the forum, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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