Turkey’s grocery app Getir said Friday it had acquired its German rival Gorillas as the online food delivery market consolidates following a boom during the coronavirus pandemic, Agence France-Presse reported.
A Getir company spokesman told AFP that the acquisition valued the German company at $1.2 billion but disclosed no other details of the deal.
“Markets go up and down, but consumers love our service and convenience is here to stay,” Getir founder Nazım Salur said in a company statement.
“Getir will continue to lead the industry it invented seven years ago.”
Getir’s valuation has surged since its creation by a group of Istanbul entrepreneurs and the US venture capital firm Sequoia in 2015.
The company was worth nearly $12 billion at the start of the year before entering a slump that forced it to fire 14 percent of its global workforce.
Gorillas has struggled to turn a profit since its creation in May 2020.
The Financial Times said the deal valued the two merged companies at around $10 billion.