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Turkey's Getir signs deal to buy UK fast delivery company Weezy

Turkey's Getir signs deal to buy U.K. fast delivery company Weezy
Turkey's Getir signs deal to buy U.K. fast delivery company Weezy   -   Copyright  Thomson Reuters 2021
By Reuters

ANKARA -Turkish fast grocery delivery company Getir has signed a deal to buy British rival Weezy, Getir said on Tuesday, the latest move in a sector seeing a wave of consolidation.

Getir currently operates in several west European countries, as well as the United States and has been promoting its brand heavily across London. Financial terms for the deal were not disclosed.

The pandemic has fuelled demand for food and grocery delivery businesses but many of them are still losing money as they seek to build market share, fuelling deals.

In the most recent, U.S. company DoorDash Inc said this month it would buy Finland-based rival Wolt Enterprises OY in an all-stock deal valued at about 7 billion euros ($7.9 billion) as it expands into Europe.

Getir attracted around $1 billion in three back-to-back funding rounds this year, putting its valuation at more than $7.5 billion. ($1 = 0.8882 euros)