Istanbul: Turkish e-commerce platform Trendyol Group announced Tuesday that an agreement has been reached with Uber Technologies for the transfer of a majority of shares in food delivery service Trendyol GO. A total of 85% of the shares in Trendyol GO will be bought by Uber for $700 million in cash, Uber said in a securities filing.

According to Anadolu Agency, the transaction is expected to be concluded in the second part of this year, pending regulatory approval. Uber said that after the deal is finalized, it anticipates it will fuel company growth. Uber, which operates the Uber Eats platform globally, also plans to introduce some of its prominent food delivery features to Turkish users in the days ahead.

Uber CEO Dara Khosrowshahi stated that the deal reflects Uber's long-term commitment to Trkiye and its ambition to expand the country's delivery ecosystem. "We're incredibly impressed with what the Trendyol GO team has built, and we're excited to continue that strong momentum across the country," he said, adding that the company's goal is to deliver more value to consumers, couriers, and especially small and family-run businesses.

Caglayan Cetin, president of the Trendyol Group, commented on the acquisition: "We firmly believe that with its new structure, Trendyol GO will continue to grow and strengthen." He emphasized that this acquisition reflects the strength of the Turkish technology and e-commerce sectors and the broader economy of Trkiye. Cetin added that Trendyol Group is committed to offering customers a seamless e-commerce experience, supporting local businesses and producers, and contributing to the overall economic development of the country.

Trendyol GO, managed by the e-commerce platform Trendyol founded in 2010, serves roughly 90,000 restaurants with 19,000 couriers across the country. According to Uber's securities filing, Trendyol GO delivered over 200 million orders and brought in $2 billion in gross bookings in 2024, marking a 50% increase over the previous year.