Delivery Hero buys out Turkey’s food ordering firm Yemeksepeti for $589 million
ISTANBULDelivery Hero, the Germany-based online food ordering giant, has acquired Turkey’s Yemeksepeti, the leading local firm in the business, for $589 million, the companies announced on May 5.
Yemeksepeti CEO Nevzat Aydın told Hürriyet that he will remain in his post as he will also be part of the management team of Delivery Hero.
“We are excited that we will continue our business with a partner whose methods of business and corporate culture overlap with ours,” he said.
The acquisition is being funded through cash and shares, Delivery Hero said, according to Wall Street Journal.
Shareholders in Yemeksepeti will also become shareholders in the buyer.
Beside Turkey, Yemeksepeki has expanded to 5 different countries under the name foodonclick.com: United Arab Emirates, Lebanon, Saudi Arabia, Oman and Qatar.
It is also active in Greece.
E-commerce investor and operating company Rocket Internet, another Berlin-based company, said early in February that it had paid 496 million euros (£371 million) to acquire a 30 percent stake in Delivery Hero.