Uber to buy 85% stake in Turkish food delivery platform for $700 million

Travelers walk past a sign pointing toward the Uber rideshare vehicle pickup area at Los Angeles International Airport (LAX) on February 8, 2023 in Los Angeles, California. Uber will acquire an 85% stake in Turkish food delivery platform Trendyol GO for about $700 million in cash, the company said in a securities filing. The deal, subject to regulatory approval, is expected to close in the second half of this year. Uber said it expects the transaction to be accretive to its growth once completed. "Uber and Trendyol GO coming together will elevate the delivery sector in Türkiye for consumers, couriers, restaurants and retailers, especially small and family-owned businesses," Uber CEO Dara Khosrowshahi said in a release. "This deal reflects our long-term commitment to Türkiye, we're incredibly impressed with what the Trendyol GO team has built, and we're excited to continue that strong momentum across the country." Founded in 2010, Trendyol GO is run by Turkish e-commerce platform Tr ... Read full article.