Türkiye's grocery app Getir said Friday it has acquired its German rival Gorillas as the online food delivery market consolidates following a boom during the coronavirus pandemic.
A Getir company spokesman told AFP that the acquisition valued the German company at $1.2 billion but disclosed no other details of deal.
"Markets go up and down, but consumers love our service and convenience is here to stay," Getir founder Nazim Salur said in a company statement.
"Getir will continue to lead the industry it invented seven years ago."
Getir's valuation has surged since its creation by a group of Istanbul entrepreneurs and the US venture capital firm Sequoia in 2015.
The company was worth nearly $12 billion at the start of the year before entering a slump that forced it to fire 14 percent of its global workforce.
Gorillas has struggled to turn a profit since its creation in May 2020.
The Financial Times said the deal valued the two merged companies at around $10 billion.
