Smart mobility platform Pango has acquired the ground transportation app Gett, according to news shared on Gett’s website.
Pango shelled out $175 million as part of the deal to acquire Gett from its existing shareholders, including VNV, MCI Capital and Access Industries.
Jonathan Alon, CEO of Pango, said the company is “thrilled to join Gett’s inspirational journey.”
“Pango strongly believes in Gett as a growing and profitable company, with exceptional business potential,” said Alon. “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.”
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The transaction awaits the approval of the Israel Competition Authority. Once complete, Gett will remain operational through its wider global teams. Pango intends to support Gett’s growth in Israel and the United Kingdom.
“We are delighted to welcome Pango as our new shareholders,” said Matteo de Renzi, CEO of Gett. “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.”
In 2021, Gett completed a $115 million funding round to foster growth.