Uber Rival Gett Bids for Radio Taxis to Own Half London Marketby
No figure cited for deal boosting Gett London cabs to 11,500
Radio Taxis deal subject to shareholder approval, Gett says
Gett, a global ride-hailing service that started in Israel and is a chief rival to Uber, has offered to buy Radio Taxis in a move that would bring Gett’s London car fleet to 11,500, a number the company says amounts to half of all licensed taxis in the city.
If successful, the acquisition would make Gett the largest black cab service in London, the company said in an e-mailed statement Thursday.
“We are working hard to consolidate our claim to be the best and biggest black car company in London and in the U.K. in general,” Nahshon Davidai, chief marketing officer, said in an interview, declining to comment on whether Gett planned further acquisitions in the near future. He added that the company’s focus remained global.
The deal would see Gett buying Radio Taxis’ London-based parent company, Mountview House Group, which also owns taxi brands Xeta and One Transport. The firm did not give a figure for the cash deal, which is subject to shareholder approval.
Gett’s revenue grew by 300 percent in 2015 and is projected to reach $500 million globally this year, according to the statement. The company is seeking to raise as much as $400 million in a private funding round as competition gets tougher, according to people familiar to the matter.
Top rival Uber Technologies Inc. Chief Executive Officer Travis Kalanick said this week that the company was generating $1 billion in annual profit from its 30 largest cities of service, allowing it to invest more in markets such as China.