Uber has agreed to acquire the food delivery operations of Turkish company Getir. UAE-based Mubadala holds a majority stake in Getir. This move is all about boosting Uber's presence in Turkey's growing market.
An official statement revealed that Uber will pay $335 million in cash to fully acquire Getir's food delivery business, with no cash obligations or debts involved.
On top of that, Uber plans to invest an additional $100 million. This investment will secure a 15% stake in Getir's wider delivery services, which include food, groceries, retail items, and even water.
Reuters had previously reported last November that Uber reached an initial agreement with Mubadala to purchase Getir's food delivery business. This deal was awaiting approval from Turkish authorities.
Uber's acquisition aims to bring together the unique strengths of both Getir and "Trendyol Go" (which Uber acquired earlier). The goal is to support ongoing growth in Turkey's competitive business landscape, ultimately benefiting consumers, delivery partners, and merchants across the country.
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