Berlin-based online food delivery company Delivery Hero Holding GmbH announced its intention to purchase Yemeksepeti.com for $589 million, to be paid in cash and stock. The goal is to expand their reach into Turkey, the United Arab Emirates and Qatar.
Included in the terms of the deal will be that Yemeksepeti’s investors will become Delivery Hero shareholders. The co-founder and CEO of Yemeksepeti, Nevzat Aydin will continue to run the company and will become part of the supervisory board of Delivery Hero.
Spokesmen for Delivery Hero said that this is, until now, the largest deal transacted in the online food-ordering industry. In addition to service in Turkey, the deal also expands operations into Saudi Arabia and Lebanon.
Yemeksepeti was launched 15 years ago and handles over 3 million food deliveries each month. It is a successful, profitable company which has been growing by about 60 percent per year. Delivery Hero expects to sell over 10 million orders each month after its takeover of Yemeksepeti.