GLTA - SPAC Galata to merge with Turkish mobility app Marti combined company valued at $532M

SPAC Galata Acquisition Corp. ( NYSE: GLTA ) plans to merge with Turkish mobility app provider Marti Technologies through a deal that pegs the implied enterprise value of the combined company at $532M.

The deal should give Galata net cash proceeds of around $280M and is expected to close in Q4. The combined company’s shares are expected to trade on NYSE under the symbol MRT after the closing.

Based in Istanbul, Marti provides environmentally friendly shared transportation through its namesake app. Its fleet of vehicles includes e-scooters, e-bikes and e-mopeds.

Washington, D.C.-based Galata is backed by Callaway Capital Management. The SPAC, which was headed by Turkish banker Kemal Kaya, raised $125M through an initial public offering in July 2021.

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