Deal is said to be one of the largest tech acquisitions in region to date
German technology company Rocket Internet has acquired a 100 per cent stake in the Kuwait-based online food takeaway market Talabat in a deal worth $170m.
It is a deal said to be one of the largest acquisitions in the technology sector in Middle East and North Africa to date, according to a note from the Kuwait-based law firm Meysan Partners who advised the shareholders on the deal.
Talabat currently operates across the Gulf, with strong presence in Kuwait, UAE and Saudi Arabia. It works with 1,300 restaurants working with well-known food outlets such as Burger King and KFC.
This acquisition follows Rocket Internets acquisition of the UAE-based online delivery firm 24h.ae via the German companys subsidiary foodpanda.
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