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Uber Agrees to Buy Controlling Stake in Turkish Food Delivery Platform for $700M

WSJ12:04 ET

Express News | Uber Technologies Inc - to Acquire 85% Stake in Trendyol Go for $700 Million - SEC Filing

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MT NewswiresMay 6 11:46 ET

The USA delivery company DoorDash has acquired the United Kingdom's Deliveroo for $3.9 billion.

The American food delivery company DoorDash will acquire Deliveroo, with the deal valuing the UK competitor at approximately 2.9 billion British Pounds (3.85 billion USD). Both companies stated they would leverage their combined influence and local expertise to tackle competition. Additionally, DoorDash announced on Tuesday that it would acquire the New York City-based software company SevenRooms, which is related to a hospital, for around 1.2 billion USD. Analysts say the timing is right for further consolidation in the food delivery industry, as inflation and reduced incomes have made consumers more cautious about delivery spending, while similar businesses are finding it hard to expand.

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BenzingaMay 6 11:23 ET

Uber Technologies invested 0.7 billion USD to acquire 85% of the shares in a Turkish food delivery platform.

Uber Technologies announced in its submitted securities filing that it will acquire 85% of the Turkish delivery platform Trendyol GO for approximately $0.7 billion in Cash / Money Market. This Trade is pending approval from regulatory agencies and is expected to be completed in the second half of this year. Uber stated that after the completion of the Trade, it is expected to make a positive contribution to the company's performance growth. Uber CEO Dara Khosrowshahi stated in the announcement: "The strong partnership between Uber and Trendyol GO will bring benefits to Turkish Consumers, delivery personnel, Restaurants, and retailers—especially small and family-owned businesses—.

Global market report.May 6 10:20 ET

Uber to Buy US$700m Stake in Turkish Delivery App Trendyol

The Edge MarketsMay 6 09:29 ET

Uber to Buy 85% Stake in Turkish Food Delivery Platform for $700 Million

CNBCMay 6 09:24 ET