Rocket Internet AG / Key word(s): Acquisition/Mergers & Acquisitions
Rocket Internet further strengthens its new Global Online Takeaway Group with strategic investment in the attractive Middle East online food takeaway market
- Rocket Internet announces the signing of the acquisition of 100% of Middle East online food takeaway market leader Talabat.com
- foodpanda announces the signing of the acquisition of 24h in the United Arab Emirates
- Rocket Internet increases the reach of its newly created Global Online Takeaway Group and becomes frontrunner in the attractive online food takeaway sector
Berlin, Germany, 11th February 2015 - Rocket Internet AG ("Rocket", ISIN DE000A12UKK6, RKET) today announces the signing of the acquisition of 100% of the shares in Talabat, one of the leading players in the attractive online food takeaway market in the Middle East, headquartered in Kuwait, for approximately EUR 150 million. The closing of the transaction is expected in the next few weeks.
Talabat operates in Kuwait, Saudi Arabia, United Arab Emirates ("UAE"), Bahrain, Oman and Qatar with particularly strong market positions in Kuwait, UAE and Saudi Arabia. It currently cooperates with more than 1,300 partner restaurants including major brands like Burger King, KFC, JonnyRocket, Hardees, TGI Fridays, Pizza Hut, PizzaExpress, PapaJohn and Subway.
With this transaction, Rocket attains leading market positions in the top two markets in the Middle East, Saudi Arabia and United Arab Emirates - countries characterized by the highest smartphone penetration in the world and large basket sizes offering a high potential for further growth. Furthermore, it gains access to new countries with highly attractive market fundamentals. Talabat.com will be part of the newly created Global Online Takeaway Group which Rocket announced last week in its business update.
Rocket furthermore announces that the emerging market leader in the online food takeaway market Foodpanda has signed the acquisition of 24h.ae, a strong player in the UAE. The closing of the transaction is expected to take place in the next few weeks. For further information, please see the press release issued by foodpanda.
Oliver Samwer, CEO of Rocket Internet said: "The online food takeaway sector is currently undergoing tremendous change. With the newly created Global Online Takeaway Group, Rocket Internet is at the forefront of consolidating the key markets in one of the most attractive online sectors. The Middle East is one of the most attractive markets with significant growth potential and highly attractive EBITDA margins. The acquisition of Talabat.com is another important step in our long-term global Food & Groceries strategy. We believe in the long-term growth potential of this space and are excited to take advantage of opportunities to build out our global leadership."
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