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Bond Market News
Uber to Acquire 85% Stake in Turkey’s Trendyl Go to Expand EM Presence
May 7, 2025
Uber announced plans to acquire an 85% majority stake in Turkey’s Trendyol Go for $700mn, aiming to expand its presence in emerging markets amid slowing growth in North America. Trendyol Go, owned by Trendyol Group, operates nationwide in Turkey with 19,000 couriers and partners with over 90,000 restaurants and markets. In 2024, it processed more than 200mn orders, totaling approximately $2bn in gross bookings, a 50% YoY growth. The deal, expected to close in 2H2025, will allow Uber to gradually integrate features from its delivery service Uber Eats, into the Trendyol Go platform, which will continue to operate independently. This acquisition follows Uber’s recent withdrawal from a $950mn bid for Foodpanda in Taiwan due to regulatory concerns. The move comes amid industry consolidation, with competitors like DoorDash also expanding their reach. DoorDash announced plans to acquire Deliveroo for $3.85bn to strengthen its European presence.
Uber’s bonds were trading with a positive bias, with its 7.5% 2027s trading at 101.09, yielding 6.98%.
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