Gett closing on $1.3 billion SPAC merger

The global corporate ground travel company is in the midst of completing the PIPE investments, estimated to be in the region of $150-200 million

Golan Hazani 09:3810.10.21

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Global corporate ground travel company Gett is closer than ever to going public in the U.S. Calcalist has learned that the Israeli-founded company is on the verge of merging with a special purpose acquisition company (SPAC) at a valuation of $1.3-1.5 billion, similar to its valuation in its most recent funding round in June 2020.

Gett is currently in the midst of closing its PIPE (Private Investment Public Equity) investments with the assistance of Morgan Stanley and the Jefferies Group. Following the closing of those investments, estimated to be in the region of $150-200 million, Gett will move forward with the merger, which is likely to take place in the coming weeks.

A man enters a Gett vehicle. Photo: Gett

Despite the fact Gett is at the final stretch of going public, completing the deal at the valuation it is seeking is far from a given considering the company's track record.

Gett has been looking into going public for the past two years, with its CEO already saying back in 2019 that it plans to do so by the end of that year. The company looked into the option of doing an IPO on Nasdaq, in Europe and even on the Tel Aviv Stock Exchange in recent years, but now seems set to be heading to the market via a SPAC merger.

Gett, founded in Tel Aviv in 2010 as Get Taxi, has rebranded itself in recent years from a taxi-hailing company to one working mainly in the enterprise market, optimizing its clients' corporate ground travel needs, from booking and riding to invoicing and analytics.