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Investing.com - Uber Technologies, Inc. (NYSE:UBER) is set to acquire an 85% controlling stake in the online meal and grocery delivery service Trendyol GO, a subsidiary of Trendyol Group, for approximately $700 million in cash. The deal is expected to significantly bolster Uber’s presence in the Türkiye delivery market.
Trendyol GO has shown a robust performance in the Türkiye market, delivering over 200 million orders in 2024 and generating $2 billion in gross bookings, marking a year-over-year increase of more than 50%. The acquisition aims to be accretive to Uber’s growth following integration.
The transaction is subject to regulatory approval and other closing conditions, with the expectation to finalize in the latter half of 2025. Once completed, the Trendyol GO app will continue to operate, serving its customers, merchants, and couriers, while Uber plans to integrate key capabilities from its global delivery platform, Uber Eats, over the coming years.
Çağlayan Çetin, President of Trendyol Group, expressed confidence in the acquisition, highlighting its alignment with the company’s commitment to providing a seamless e-commerce experience and supporting local growth and economic development in Türkiye. Çetin also pointed to the strength of the Turkish technology and e-commerce sectors as a positive sign for the economy.
Uber’s CEO, Dara Khosrowshahi, emphasized the strategic nature of the deal, noting its potential to enhance the delivery sector in Türkiye for consumers and businesses alike, especially small and family-owned establishments. Khosrowshahi praised the achievements of the Trendyol GO team and expressed enthusiasm for continuing their momentum across the country.
Trendyol GO operates across Türkiye, offering groceries and meals from more than 90,000 restaurants and markets, facilitated by a network of 19,000 couriers. This move by Uber reflects the company’s long-term commitment to the Türkiye market and its strategy to expand its global delivery operations.
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