Turkey’s mobility app Marti will announce a merger with a SPAC within weeks, a deal that marks the first initial public offering by a Turkish company via a blank-check firm in New York, Bloomberg reports.
The deal between Marti Technologies and Galata Acquisition is being finalized following months-long negotiations, people with knowledge of the matter told Bloomberg.
Marti, which offers electric bike, scooter and moped rentals in 20 cities in Turkey, will use IPO proceeds to expand its area of activity and boost the size of its fleet, said the people, who asked not to be identified as the listing has yet to be announced.
Galata faced headwinds in April when it warned it might be forced to liquidate unless it could come up with funds to sustain operations.
Galata raised $125 million in an IPO a year ago. The SPAC at that time said it planned to focus on technology-enabled financial services businesses in emerging markets, especially companies engaged in insurance, reinsurance and insurance services, asset management, retail or investment banking, and merchant acquisition and payment processing. Read more.
