VNV Global provides update on the expected closing of the ongoing Gett Transaction
VNV Global AB (publ) (“VNV Global”) today announces an update regarding the expected closing of the ongoing sale of Gett (the “Transaction”). The Transaction was originally announced on May 9, 2024 with an expected closing planned for H2 2024, subject to applicable regulatory approvals and other customary closing conditions.
Following the most recent interaction with the Israel Competition Authority (the “ICA”), which is currently reviewing the Transaction, VNV Global now expects the closing to take place in Q1 2025, subject to the ICA completing its review.
Since the Transaction was announced, Gett has continued to perform well and is on track to close 2024 with gross bookings exceeding USD 500 mln (representing 5% year-on-year growth), an EBITDA of approximately USD 13 mln, and cash and cash equivalents exceeding USD 50 mln, with no debt on its balance sheet. The outlook for 2025 also remains positive, with expectations of continued top-line growth and further improvements in profitability.