Taxi app Gett acquired by Pango in $175 million purchase
Pango, a smart mobility platform, has announced the purchase of Gett, a prominent ride-hailing service, from its shareholders VNV, Access Industries, and MCI Capital for $175 million.
This strategic move is poised to impact the transport and mobility landscape, particularly in Israel and the UK.
The deal, currently awaiting the green light from the Israeli Competition Authority, is set to enhance Pango’s portfolio of services. These include payment solutions for parking, public transport, fuel, electric vehicle charging, and roadside assistance. By integrating Gett’s operations, Pango is positioning itself as a more comprehensive provider in the smart mobility industry.
Established in 2007 in Israel, Pango has grown significantly, boasting over 3 million users. Its ownership under Milgam and IIF, key players in Israel's infrastructure field, highlights the firm’s strong foundation and commitment to innovation in mobility solutions.
The acquisition will see Pango retaining Gett’s extensive global teams, a move that ensures continuity and supports further growth in the ride-hailing and delivery sectors in key markets.
Financial advisory firm Jefferies played a pivotal role in the transaction, acting as the exclusive adviser to Gett. This acquisition marks a significant milestone in Pango’s expansion strategy, setting the stage for future growth and innovation in the evolving world of smart mobility.
Jonathan Alon, CEO of Pango, said: “We are excited and thrilled to join Gett’s inspirational journey. Pango strongly believes in Gett as a growing and profitable company, with exceptional business potential. We highly appreciate the role that Gett has played in transforming the ride-hailing industry in Israel and abroad and the value of the people who made it happen. We have significant plans for further development of the company in its fields of expertise.”
Matteo de Renzi, CEO of Gett, said: “We are delighted to welcome Pango as our new shareholders. Gett has made significant strides in growing from a startup to a profitable international business, and we are grateful to our shareholders VNV, Access Industries, and MCI Capital for their guidance and support over the years, as well as to our employees for their significant contribution to Gett’s success. We look forward to starting our next chapter as part of the Pango family.”
