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Uber to Acquire 85% Stake in Turkey’s Trendyol GO for $700 Million

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Uber announced on Tuesday that it will acquire an 85% controlling stake in Trendyol GO, Turkey’s fast-growing food and grocery delivery platform, in a $700 million deal. The move marks a strategic push into high-growth international markets as Uber faces market saturation in North America.

Trendyol GO, a subsidiary of Turkish e-commerce giant Trendyol Group, currently delivers food and groceries across the country, partnering with over 90,000 restaurants and markets and utilizing a fleet of 19,000 couriers. The platform fulfilled more than 200 million orders in 2024, with gross bookings of approximately $2 billion, representing a 50% year-on-year growth, Uber said.

The acquisition is expected to close in the second half of 2025. Following the deal, Trendyol GO will retain its independent branding and operations, while Uber plans to gradually integrate elements from its global food delivery platform, Uber Eats.

This expansion comes shortly after Uber dropped its $950 million bid for Delivery Hero’s Foodpanda in Taiwan, citing regulatory issues. Uber’s broader strategy includes expanding its delivery business and exploring self-driving vehicle partnerships to diversify revenue beyond its ride-hailing core.

Meanwhile, competition in the food delivery space is intensifying. DoorDash announced on the same day that it will acquire UK-based Deliveroo for $3.85 billion, aiming to strengthen its European presence and compete more effectively with Uber Eats and Just Eat.

Uber will release its Q1 earnings report on Wednesday, and analysts are watching closely to see how international investments like Trendyol GO might bolster its global growth outlook.

Musk’s xAI Acquires X, Valuing Social Media Platform at $33 Billion

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Elon Musk’s artificial intelligence company, xAI, has acquired X (formerly Twitter) in a deal that values the social media platform at $33 billion. This acquisition also boosts the valuation of xAI to $80 billion, with plans to leverage the combined assets, including data, models, and computing resources, to enhance xAI’s chatbot, Grok.

Musk, who also leads Tesla and SpaceX, emphasized the synergy between xAI and X, stating that the futures of both companies are now intertwined. While the specifics of the deal, including leadership integration and potential regulatory scrutiny, remain unclear, it marks a significant consolidation of Musk’s companies under his leadership.

Saudi Arabian investor Prince Alwaleed bin Talal, a major stakeholder in both X and xAI, welcomed the deal, estimating that the value of his investments would reach between $4 billion and $5 billion. Despite Musk not seeking investor approval beforehand, sources indicate that the deal is viewed as part of Musk’s strategy to consolidate his influence and management at his companies.

xAI, which competes with major players like OpenAI and China’s DeepSeek, has been expanding rapidly, especially in AI infrastructure, with its supercomputer “Colossus” in Memphis touted as the largest in the world. The merger with X could provide xAI with more avenues for distributing its AI products, tapping into a real-time feed of user-generated data.

Grab Seeks $2 Billion Loan for Potential GoTo Acquisition, Merger Talks Ongoing

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Grab, the Singapore-based ride-hailing and food delivery giant, is reportedly in discussions to secure a loan of up to $2 billion to support its potential acquisition of Indonesia’s GoTo. The deal, which could be a bridge loan with a 12-month term, would help facilitate the merger between Grab and GoTo, two major players in the Southeast Asian market.

Loan and Funding Options

According to Bloomberg News, Grab’s loan negotiations are in the early stages, and the company is also exploring additional financing options, including bonds or equity financing, after securing the bridge loan. This move comes as Grab looks to strengthen its position in the region’s competitive ride-hailing and food delivery sectors.

GoTo’s Stance and Uncertainty

GoTo, the parent company of the Indonesian ride-hailing and food delivery platform Gojek, has declined to comment on the reports regarding the potential deal. While merger talks between Grab and GoTo have been ongoing, there has been no official agreement or announcement. Last week, GoTo clarified that it had not entered into any binding agreements concerning a potential transaction, despite media reports indicating that Grab was moving forward with the acquisition.

Competition Concerns

The proposed merger between Grab and GoTo has raised concerns among regulatory authorities, particularly regarding competition in the Southeast Asian market. Both companies are major players in the ride-hailing and food delivery space, and the combination of their services could lead to a dominant position in the market. The Singapore Competition and Consumer Commission (CCCS) has confirmed that it has not received any formal notification from Grab or GoTo regarding the potential merger.

Broader Implications for Southeast Asia’s Market

The potential acquisition of GoTo by Grab is seen as a significant move in the ongoing consolidation within Southeast Asia’s competitive ride-hailing and delivery market. Grab’s backing from Uber has made it a formidable competitor, and the merger with GoTo could further solidify its dominance. However, regulatory hurdles and competition concerns may continue to affect the progression of the deal.