One of the most spot light news this week in Middle East was “Talabat.com was sold for EUR 150 million”.
Rocket Internet AG announced by 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’s mission is to become the world’s largest Internet platform outside of China and the United States. Rocket identifies and builds proven Internet business models and transfers them to new, underserved or untapped markets where it seeks to scale them into market leading online companies. Rocket is focused on online business models that satisfy basic consumer needs across three sectors: e-Commerce, marketplaces and financial technology.
Rocket started in 2007 and now has more than 25,000 employees across its network of companies, which operate in more than 100 countries on five continents. Rocket Internet AG is listed on the Frankfurt Stock Exchange.