Getir wants to adopt gorillas

Gorillas is to be taken over by Getir

So far it is unclear whether the Gorillas brand will remain after the Getir takeover.

(Photo: AFP/Getty Images)

Frankfurt/Berlin According to insiders, the tough takeover negotiations between the Turkish express delivery service Getir and its Berlin competitor Gorillas are nearing completion. According to several people familiar with the talks, the billion dollar deal is expected to be signed on Friday. The transaction is expected to be completed shortly thereafter.

Many experts expect that the number of delivery services will shrink. The competition between companies is fierce. In addition, prices and costs increase with inflation. The financial markets are becoming more skeptical.

Both Getir and Gorillas have to accept a significant devaluation in the deal, which should also cost the Berliners their unicorn status. According to the financial circles, together they are said to be worth seven billion dollars, which is equivalent to halving the last total valuation. In addition, Gorillas will receive bridge financing of 40 to 50 million euros.

Investors who participate should get preferential conditions for their use in a later further sale, it said. They are granted a so-called liquidation preference, which promises them a multiplication of their money depending on the stake.

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Some big investors like Coatue, DST and G Squared are stepping in for investors who don’t want to participate in the bridge financing.

Financial circles: Gorillas boss Sümer leaves the company after the takeover

According to the financial circles, Gorillas founder and boss Kagan Sümer has to say goodbye to the company after the takeover by Getir. However, he should still take a substantial bonus with him. The entire management should therefore receive around ten million euros. Around half of this could go to Sümer and co-founder Ugur Samut.

Gorillas had achieved unicorn status faster than any other German start-up, but is said to have been in financial difficulties since the beginning of the year. In May, the company pulled the ripcord and laid off more than 300 employees. In addition, Gorillas announced the withdrawal from Italy, Spain, Denmark and Belgium.

>> Read also: Berliner Einhorn Infarm lays off more than half of its employees

Gorillas, like Getir and its German competitor Flink, are having a hard time with the increased food prices and the economic crisis. Added to this are the high logistics and personnel costs.

In addition, a lot of advertising and discount campaigns are necessary to win and keep customers. So far, this has led to high losses. All competitors have now set themselves the goal of getting into the black as quickly as possible.

The Turkish competitor Getir entered the German market late. With the takeover of Gorillas, the Turks would increase their market shares in Europe in one fell swoop. This is how Getir wants to compete with Flink. So far, the three providers in Germany have been fighting a costly battle for customers who are willing to pay a surcharge in the form of fees for fast delivery by bicycle courier.

According to insiders, Flink is also said to have thought about buying gorillas, but recently there have been no more talks about a possible merger.

Neither Gorillas nor Getir wanted to comment on the negotiations. Coatue, DST and G Squared were initially unavailable for comment.

More: Will the 36 billion German start-ups survive the crisis?

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