A bike courier outside a grocery warehouse operated by Gorillas Technologies GmbH in the West Kilburn district of London, UK, on Thursday, Dec. 8, 2022.
Laura Zapata | Bloomberg | Getty Images
Turkish grocery delivery firm Getir acquired its German rival Gorillas for an undisclosed amount, the company said Friday.
“Markets go up and down, but consumers love our service and convenience is here to stay,” Getir founder Nazim Salur said in a statement Friday.
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“The super fast grocery delivery industry will steadily grow for many years to come and Getir will lead this category it created 7 years ago.”
Loss-making grocery delivery services are enduring a tough market environment, in which investors are reevaluating positions in companies most exposed to the effects of tighter monetary policy and a rising cost of living.
The long-rumored takeover values Gorillas at $1.2 billion and the broader Getir group at $10 billion, according to a report from the Financial Times. That would represent markdowns of 61% and 15% from their last respective valuations.
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