Uber to buy 85% stake in Turkish food delivery platform for $700 million

Group 1 - Uber will acquire an 85% stake in Turkish food delivery platform Trendyol GO for approximately $700 million in cash, pending regulatory approval, with the deal expected to close in the second half of the year [1] - The acquisition is anticipated to enhance Uber's growth and reflects the company's long-term commitment to Türkiye, as stated by Uber CEO Dara Khosrowshahi [2] - Trendyol GO, founded in 2010 and operated by the Turkish e-commerce platform Trendyol, which is majority-owned by Alibaba, serves around 90,000 restaurants and employs 19,000 couriers across Türkiye [2] Group 2 - In 2024, Trendyol GO is projected to deliver over 200 million orders and generate $2 billion in gross bookings, marking a 50% increase year over year [3] - Uber is expected to report first-quarter earnings with an earnings per share of 51 cents on revenue of $11.6 billion [3]