Delivery Hero, the network of online food ordering platforms, said Tuesday it is acquiring Turkey’s Yemeksepeti in a $589 million transaction, extending its reach in Middle Eastern markets.

Delivery Hero acquires Turkey's Yemeksepeti for $589 million

Delivery Hero, the network of online food ordering platforms, said Tuesday it is acquiring Turkey’s Yemeksepeti in a $589 million transaction, extending its reach in Middle Eastern markets.

The acquisition is being funded through cash and shares, Delivery Hero said. Shareholders of Yemeksepeti would become shareholders in Delivery Hero as part of the transaction.

Berlin-based Delivery Hero said Yemeksepeti is profitable, and processes more than 3 million orders a month in its markets. Yemeksepeti is active in Turkey and Greece, as well as Middle Eastern markets such as Qatar, Jordan and Saudi Arabia via the ordering platforms foodonclick.com and ifood.jo.

Yemeksepeti’s management team will remain in place, Delivery Hero said.

German online business developer Rocket Internet owns about 39% of Delivery Hero, which was founded in 2011 and employs some 1,500 people in 28 countries.

Delivery Hero declined to comment further on the components.

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.  

Nurullah Kırmacı / emlakcoulisse.com

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