Turkey’s Getir signs non-binding deal to buy shares in Sok

Employee of Turkish fast grocery-delivery company Getir prepares to deliver an online grocery delivery in front of a store warehouse in Istanbul
FILE PHOTO: An employee of Turkish fast grocery-delivery company Getir prepares to deliver an online grocery delivery in front of a store warehouse in Istanbul, Turkey November 12, 2021. REUTERS/Umit Bektas

November 12, 2021

ANKARA (Reuters) – Turkish fast grocery-delivery company Getir has signed a non-binding deal to buy shares of Sok supermarket chain, a statement from Sok said on Friday.

“In order to create synergy in the digital field, a non-binding letter of intent was signed (…) for the sale of some of the shares owned by Yildiz Holding and its subsidiaries in Sok to Getir,” the statement, made to Bourse Istanbul, said.

Yildiz Holding directly owns some 5.5% of Sok Marketler, while its subsidiary Gozde owns some 23%.

Founded in 2015, Istanbul-based Getir pioneered the category of 10-minute delivery for customers who order by smartphone app, with riders fanning out from neighbourhood warehouses that stock essential groceries.

Reuters reported early on Friday that Getir could hold another round of funding to finance its growth in the United States and would eventually like to expand to 300 cities in the country, Chief Executive Officer Nazim Salur said.

(Reporting by Ebru Tuncay; Writing by Ece Toksabay; Editing by Kirsten Donovan)