Turkish quick delivery provider Getir has completed the acquisition of German rival Gorillas in a deal valued at €9.47 billion, according to a Friday Financial Times story.
The newspaper claimed, citing people familiar with the situation, that the transaction values Gorillas at about €1.1 billion, down from the €2.8 billion that was first suggested in September last year.
The FT added that due to significant overlap between the networks of small urban warehouses operated by the two corporations, employment layoffs were anticipated as part of the agreement.
Gorillas, a German grocery delivery service formed in 2020, has increased the number of its clientele since last year when it raised €860 million, but has not yet turned a profit due to the bleak prognosis for the economy.
Gorillas stated in June that it anticipated turning a profit as a group within a year. In order to refocus its focus from rapid expansion to making a profit, the company had earlier said it would reduce its administrative workforce by half and lay off 300 individuals.
Early in the next year, Getir hopes to raise further investment, according to the article, which also stated that the Turkish company was reducing its own valuation by about a quarter.