BERLIN/ISLAMABAD – Rocket Internet AG today (Tuesday, February 11, 2015) 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.
Waves of acquisitions by Rocket Internet’s foodpanda in 7 major markets including Pakistan where Eatoye has been engulfed by the German brand makes it a market leader in Southeast Asia and Asia. With Talabat’s transaction, Rocket attains leading market positions in the top two markets in 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 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.
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 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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