Quick commerce giant Getir is set to announce to the acquisition of rival firm Gorillas in an all-stock deal.
The deal includes a clause dictating that Gorillas investors must inject a further $100 million into the company to get it over the line, sources familiar with the deal told Sifted.
The reported terms are markedly less favorable for Gorillas’ investors than the previously reported deal.
In the first deal, Gorillas’s shareholders would receive single-digit equity in Getir and $100 million in cash.
An all-stock deal means that investors of the Berlin-based startup will not receive any money and will convert their Gorilla shares into Getir ones.
“(All-stock deals) are seen very often when there’s a failing business and the business is being absorbed by somebody, but they’re not willing to pay anything for it,” one investor in an undisclosed quick commerce company told Sifted.
At its last funding round in September 2021, Gorillas was valued at $3 billion.
Turkey-based Getir was last valued at $12 billion at its most recent funding round in March.
Quick commerce expert and ex-Jiffy head of operations Quaid Combstock told Charged last week: “I think you’ll find eventually you’ll find a lot of these companies merging or acquiring q-commerce companies.”