Deals
Uber to Buy $700 Million Stake in Turkish Delivery App Trendyol
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Uber Technologies Inc. agreed to buy 85% of a Turkish food and grocery delivery platform controlled by Chinese e-commerce giant Alibaba Group Holding Ltd., in the latest example of consolidation in the global food-delivery industry.
The transaction will be made in cash and on a debt-free basis, Uber said Tuesday in a filing with the US Securities and Exchange Commission. The deal is expected to close in the second half of the year, pending regulatory approval. Once complete, the Trendyol Go app will continue to serve customers, merchants and couriers, and is expected to be accretive to Uber’s growth, the US rideshare and deliver giant said.