Uber has entered into an agreement to acquire the delivery business of Turkey’s Getir, a significant move in the delivery service industry. According to TechCrunch, Uber will pay $335 million upfront for Getir’s food delivery business and an additional $100 million for a 15% stake in Getir’s grocery, retail, and water delivery operations. This acquisition signals Uber’s strategic expansion into the delivery market.
The deal involves the purchase of Getir’s delivery division from its major shareholder, the Emirati sovereign wealth fund Mubadala. Getir, once valued at $12 billion, faced challenges in recent years, leading to a restructuring of its operations. The company decided to refocus on its core business in Turkey, resulting in the closure of operations in the U.S., U.K., and Europe.
By integrating Getir’s delivery capabilities, Uber aims to enhance its service offerings and strengthen its market presence. This acquisition reflects Uber’s commitment to diversifying its business portfolio and capitalizing on the growing demand for delivery services globally.
Source: TechCrunch