Meysan Partners advises Talabat.com
Meysan Partners has advised the shareholders of online food takeaway market leader Talabat.com on its acquisition for USD170m by German e-commerce group, Rocket Internet AG. This is the first deal completed by Meysan Partners since the firm announced its launch last month in Kuwait, and represents one of the largest ever tech acquisitions in the MENA region.
Talabat operates in Kuwait, Saudi Arabia, United Arab Emirates (UAE), Bahrain, Oman and Qatar with particularly strong market positions in Kuwait, UAE and Saudi Arabia. It currently cooperates with more than 1,300 partner restaurants including major brands like Burger King, KFC, JonnyRocket, Hardees, TGI Fridays, Pizza Hut, PizzaExpress, PapaJohn and Subway.
With this transaction, Rocket Internet AG attains leading market positions in most of the key markets of the Middle East– countries characterised by the highest smartphone penetration in the world and large basket sizes offering a high potential for further growth.
Senior partner, Abdul Aziz Al-Yaqout, said, “This is a significant deal for the tech industry in the region and especially Kuwait. It underlines the strength and attractiveness of ecommerce businesses in the Middle East. Furthermore, it proves that start-ups in the region can be very successful and have very lucrative exits. Meysan Partners is delighted to have advised on this important transaction.”