Uber to buy delivery arm of Turkey's Getir [TechCrunch]
Uber Technologies, Inc. (UBER)
Last uber technologies, inc. earnings: 2/6 04:05 pm
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Source: TechCrunch
The deal will see Uber paying $335 million at the outset to purchase Getir's food delivery business. The ride-hailing giant will also pay $100 million for a 15% stake in Getir's grocery, retail and water delivery business, and said it would complete the acquisition of the division over the next few years. Uber is buying the business from Getir's biggest shareholder, the Emirati sovereign wealth fund Mubadala. The investment firm was reportedly seeking to sell its stake in the company last year. The deal comes after a turbulent few years for Getir, which once enjoyed a valuation of $12 billion. Getir has scaled down its operations massively from just a few years ago. The company launched to great traction in 2015, and invested aggressively to expand its operations in the U.S. and Europe, both organically and via acquisitions, especially during the pandemic. But after the pandemic lockdowns eased, broader consumer demand for food and grocery delivery also wavered, and Getir chose
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