Uber Technologies acquires Getir

Uber Technologies has agreed to acquire the Turkish rapid delivery platform Getir in a move to bolster its e-delivery operation in Türkiye. The acquisition involves Uber taking over Getir’s food ordering business for $335 million in cash, as well as investing an additional $100 million for a 15% stake in Getir's grocery, retail, and water delivery operations. The deal underscores Uber's continued expansion in the Turkish market following its previous $700 million acquisition of Trendyol Go.

The arrangement will see Uber merge Getir’s operations with Trendyol Go to enhance service offerings. Users will still access their services through current applications, although Uber plans to expand consumer options and improve courier earnings. "With a thriving digital economy and a dynamic consumer base, Uber is committed to investing in Türkiye for the long term," said Uber CEO Dara Khosrowshahi, highlighting the company's strategic focus on the Turkish market.

The acquisition is part of Uber's broader strategy to consolidate its presence in the e-delivery sector in Türkiye. By integrating Getir with Trendyol Go, Uber aims to leverage operational synergies to drive consumer and partner benefits. For Getir, the acquisition offers further growth potential within Uber's expansive global network. Getir CEO Batuhan Gultakan noted the partnership as a significant milestone, affirming the company’s successful progress with prior support from Mubadala.

The transaction takes place in a challenging context for Getir, which had previously expanded internationally, hitting a $7.5 billion valuation backed by over $1 billion in funding. However, adverse market conditions forced it to retract operations in several European markets and refocus on its domestic market in Türkiye. This recalibration resulted in a reduced valuation of $2.5 billion and a need for strategic realignment.

As Uber awaits regulatory approvals to finalize the acquisition, key elements include the integration timeline and managing brand equity. The deal does not cover some of Getir's subsidiaries, such as Getir Finans and the ride-hailing service BiTaksi, which remain under the control of Mubadala. The acquisition will likely set a precedent for future consolidation moves in the competitive delivery landscape in Türkiye.