As forecast, the Merger and Acquisition trend which we have been long reporting would peak when the Federal Reserve would aggressively raise interest rates and cut off the cheap money supply. Now, according to the Financial Times, U.S. M&A activity fell 43 percent in recent months. They also note that while autumn is the time for new stock sales and corporate mergers, with interest rates going up, they “slowed to a trickle.” Here is the latest “trickle.”


Getir, a Turkish company offering grocery and restaurant meal delivery services, has bought German rival Gorillas for $1.2 billion. 

The new, combined entity is valued at about $10 billion, according to the Financial Times, with Gorillas contributing about 12 percent of the total.

Terms of the deal were not announced.

Since 2020, the two firms have raised $3 billion in start-up funds between them and have grown to be among Europe’s largest in their industry.

Then, as the COVID War wound down and demand for delivery services tanked, many of the businesses folded or were bought. Getir’s new purchase is among those consolidations.

For every €1 Gorilla took in, it was spending €1.50 to cover its costs, shredding tens of millions of euros a month at the worst, people familiar told the FT. The company took out a loan to stay alive while the deal with Getir was in the works, some confirmed.

Some of Gorillas investors will share a $40-million cash payout from the deal, while others will see little or no return on their investment, the FT noted.

With weak players now scoured out of the industry, remaining companies should find it easier to boost revenues and lure new investment, analysts say.

For people who have more money than time, “convenience is here to stay,” Getir founder Nazim Salur said in a statement announcing the Gorillas purchase.

Skip to content