London, Dec 10 (IANS) Quick grocery delivery platform Getir has announced that it is acquiring its German rival platform Gorillas in a deal that has been reported to be around $1.2 billion.
The Financial Times first reported that Getir has closed the acquisition of its competitor.
"Markets go up and down, but consumers love our service and convenience is here to stay. The super fast grocery delivery industry will steadily grow for many years to come and Getir will lead this category it created 7 years ago," Getir Founder Nazim Salur said in a statement.
Turkey-based Getir didn't disclose financial details for the deal but said in a statement that it "underscores how Getir leads consolidation in this sector."
Several of Gorillas' investors will be paid a combined $40 million in cash, in addition to receiving equity in Getir, according to reports.
In May, Getir announced that it would slash 14 per cent of its global workforce and more than 4,000 were impacted.
Gorillas also laid off hundreds of its employees and exited markets generating less revenue, like Italy and Belgium.
In 2021, the company was valued at $3.1 billion in a private financing round, led by German food delivery company Delivery Hero.
Getir operates in several countries, such as the U.K., Germany, France, Italy, Spain, the Netherlands and Portugal, including the U.S.
According to reports, the combined entity is now valued at $10 billion.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.