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Pango in talks to buy Gett

Gett app credit: Studio Gett
Gett app credit: Studio Gett
4 Mar, 2024 9:06
שלח תגובה במיילAssaf Gilead

Negotiations are taking place at a valuation of $150-160 million, nearly 80% below taxi hailing app Gett's valuation in its aborted IPO.

Parking payments app Pango is in negotiations to buy Gett, which operates the taxi hailing app formerly known as Get Taxi.

The negotiations are believed to be taking place on a valuation of just $150-160 million, similar to the fair value of $160 million that the largest shareholder in Gett, Swedish investment fund VNV Global, attributes to the company.

If a deal takes place at around this valuation, it will mean a decline of about 24% from the valuation of the company in 2023, and of nearly 80% from its valuation in the public offering that was cancelled because of the war in Ukraine.

Gett said in a statement, "Ever since Gett became one of the few profitable companies in the world in its field, it has attracted great interest on the part of financial entities and potential strategic partners in Israel and around the world. The company is unable to comment on talks that it holds with business entities."

Published by Globes, Israel business news - en.globes.co.il - on March 4, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Gett app credit: Studio Gett
Gett app credit: Studio Gett
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