turkish-watchdog-launches-probe-into-top-mobility-app-marti

Türkiye’s competition authority stated on Wednesday it has launched an investigation into one of many leading mobility apps, Martı, for allegedly abusing its dominant market space.

The probe comes after the Competition Authority (RK) concluded a preliminary investigation, which it stated found proof to make stronger the allegations.

Martı operates a like a flash of nearly 50,000 e-mopeds, e-bikes and e-scooters.

Martı closing week stated it develop into as soon as effort to traipse public by approach to a merger with Galata Acquisition Corp, a blank-verify firm listed in Current York. The deal marks a Turkish firm’s first preliminary public offering (IPO) by approach to SPAC in Current York.

SPACs are shell companies that list on stock exchanges and then merge with an existing firm to snatch that specialise in public without going by approach to the used IPO process. Such deals absorb emerged as a beget of public market carrying out capital for some startups which absorb struggled to elevate funds by approach to abnormal routes.

The transaction values the blended firm at a pro forma carrying out price of approximately $532 million (TL 9.5 billion).

Martı is inching nearer to turning staunch into a original Turkish unicorn – a term for startups with a valuation of over $1 billion – with the deal that ought to give it earn money proceeds of around $280 million.

It stated the transaction develop into as soon as anticipated to shut in the fourth quarter, with the blended firm anticipated to be listed on the Current York Stock Alternate below the emblem “MRT.”

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