A consortium of institutional investors including Leumi Partners, Mizrahi Tefahot Bank, Meitav, Phoenix Financial and Klirmark Capital has announced the acquisition of Israeli taxi hailing app Gett (formerly Get Taxi) for $188 million.
This deal comes after earlier this year the Israel Competition Authority opposed the acquisition by Gett of parking payments app Pango, which has announced in May 2024 that it would pay $175 million for the company.
Among Gett’s shareholders who will sell their stakes are Vostok New Ventures (VNV), Len Blavatnik’s Access and MCI capital.
The Israel Competition Authority’s concern was that Pango was becoming too monopolistic in the world of road transport. It is currently the most prominent parking app that is expanding into the worlds of ticket sales and payments for public transport, while Gett has the largest market share in the taxi app market, after Yango weakened following its separation from Yandex, and after Uber, which operates in most Western countries, withdrew from operations in Israel in 2023. Gett also holds the exclusive franchise to operate taxis to and from Ben Gurion Airport.
Have the shareholders compromised?
VNV, a Swedish fund with Russian roots, updates the company’s value every quarter. It owned about 44% of the company’s shares before selling it, and in a report it published to summarize the first half of 2025, booked Gett’s value at $209 million, up 13% from last year. Therefore, it appears that the shareholders have compromised on the company’s valuation.
Before the deal was signed, VNV wrote, “Even if the transportation activity in Israel slows down during periods of war entering the country’s airspace, it has demonstrated a high resilience in recent years. The recent escalation in the conflict had a negligible impact on the activity in Israel thanks to a very rapid recovery, while in the UK growth is driven by a record number of new users joining the service.
“The company continued to build momentum in the second quarter and is expected to close 2025 significantly ahead of last year’s performance. Cash and cash equivalents exceeded $69 million as of June 30, 2025. We continue to support and be energized by Gett’s trajectory. The company’s resilience, consistent execution and growing profitability have instilled great confidence in its leadership and vision: there is a clear sense of optimism about the value creation ahead.”
Published by Globes, Israel business news – en.globes.co.il – on August 14, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
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