Gett sold for $190 million to six-investor consortium
Taxi and delivery app changes hands with no due diligence, buyers inherit $70 million cash reserve.
The deal to sell Gett for $190 million was signed on Thursday and will be completed next Monday, Calcalist has learned.
As part of the transaction, a group of six financial institutions will acquire 100% of the taxi and delivery app’s shares. Each will invest $31.66 million (approximately NIS 105 million) to purchase a 16.6% stake, reflecting a total company valuation of $190 million.
The group was assembled by Leumi Partners, the investment arm of Bank Leumi. It also includes Mizrahi Tefahot Invest, Klirmark Capital Group, the Australian Lieberman family, and Phoenix and Meitav.
Calcalist has learned that the buyers will inherit a company with a healthy cash reserve of $70 million, making the terms more favorable than those in negotiations with the Fortissimo Fund two years ago. The agreement does not allow current shareholders to draw dividends from this cash before the deal closes on Monday.
Gett is expected to post an operating profit this year, with EBITDA projected at $18 million in 2025 and $20 million in 2026. The company is also profitable on the bottom line. “Gett switched gears and accepted that they were not a technology company, and that model worked,” said a source involved in the deal.
Unusually, the buyers are acquiring the company without conducting their own due diligence, relying instead on the review conducted by Pango before the Competition Authority blocked its planned acquisition. Gett is exempt from paying taxes due to accumulated losses of hundreds of millions of dollars over the years.
Other parties who considered joining the deal include Liora Ofer, who declined, Pango itself, and Chen Lamdan, who was informed by the Competition Authority that even a 20% stake would require a review of the deal’s implications, with no guarantee of approval.
Pango, a leader in digital parking payments, signed an agreement in May 2024 to acquire all of Gett’s shares for $175 million. The Competition Authority opposed the merger, citing concerns over reduced competition with rivals such as Cellopark and Yango, as well as the potential implications of combining the companies’ vast databases.
Gett’s largest shareholder is Swedish investment fund Global VNV, which invested in the company in 2014 and holds a 43% stake. In total, the fund has invested $111.8 million in Gett. As of the end of Q1 2025, the value of its holdings stood at $83.1 million, reflecting a company valuation of $191 million.
Gett’s largest shareholder is Swedish investment firm VNV Global, with a 43% stake. Over the years, Gett has raised a total of $900 million. High-profile investors like Volkswagen, which poured $300 million into the company in 2016, have since written off their investments.
