Uber to buy controlling stake in Turkey's Trendyol GO food delivery business for $700 million
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Uber said it would buy a majority 85% stake in Turkish food and grocery delivery platform Trendyol Go for $700 million, as the ride-hailing giant looks to tap new growth markets amid signs of saturation in its mainstay North American business.The stake purchase from Turkish e-commerce firm Trendyol Group gives Uber control of a platform that serves customers nationwide, delivering groceries and meals from over 90,000 restaurants and markets through 19,000 couriers.In 2024, Trendyol Go delivered more than 200 million orders and racked up about $2 billion in gross bookings, marking a year-on-year surge of more than 50%, Uber said on Tuesday.The deal, expected to close in the second half of 2025, will immediately add to the U.S. company's growth. The Trendyol Go app will continue to operate independently, while Uber plans to integrate features from its delivery arm, Uber Eats, over time.The move comes weeks after Uber terminated its $950 million bid for Delivery Hero's Foodpanda business in Taiwan, due to regulatory hurdles, including anti-competitive concerns raised by the island nation's government in December.Already a dominant ride-hailing service in North America, Uber has been trying to reassure investors of its growth potential by expanding its business portfolio and collaborating with self-driving vehicle partners.It has also been facing competition from rivals such as DoorDash in the food-delivery business.DoorDash said earlier in the day it would buy Deliveroo in a deal valuing the British rival at about 2.9 billion pounds ($3.85 billion), banking on a bigger reach and local expertise to take on competition. The acquisition will help DoorDash grow its market share in Europe, competing against Just Eat and Uber Eats.Uber is slated to report first-quarter results on Wednesday.
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