Pango Cancels Gett Acquisition Amid Regulatory Pushback

In a significant development within the Israeli tech and transportation sectors, Pango, Israel's largest parking payments app, has canceled its acquisition of Gett, a prominent taxi hailing app. This decision comes after extensive negotiations with the Israeli Competition Authority over the past year. The regulator raised concerns that the merger would stifle competition, particularly affecting other apps like Cellopark in parking payments and Yango in the taxi sector. The acquisition, initially announced in May last year, was valued at approximately NIS 700 million. Pango's move to acquire Gett was seen as a strategic expansion in the smart transportation field, but the regulator's intervention highlights the competitive tensions in the sector. The market dynamics changed after Uber exited the Israeli market, leaving Gett and Yango as primary competitors in the taxi space, thereby increasing the significance of regulatory oversight.