v3.25.4
Business Combinations
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations
Note 17 – Business Combinations
Trendyol GO
On May 6, 2025, we entered into an agreement with Trendyol Group to acquire 85% controlling stake in its Trendyol GO online meal and grocery delivery business in Türkiye.
On June 17, 2025, we completed the acquisition of an 85% controlling stake in Trendyol GO in an all-cash transaction, allowing us to expand our Delivery business in the Turkish market.
The acquisition of Trendyol GO has been accounted for as a business combination. The fair value of the consideration transferred was $694 million.
The following table summarizes the fair value of assets acquired and liabilities assumed (in millions):
Fair Value
Current assets$64 
Goodwill712 
Intangible assets132 
Other long-term assets6 
Total assets acquired914 
Current liabilities(67)
Deferred tax liability(23)
Total liabilities assumed(90)
Less: Redeemable non-controlling interests(130)
Net assets acquired$694 
The excess of purchase consideration over the fair value of net tangible and identifiable assets acquired was recorded as goodwill, which is not deductible for tax purposes. Goodwill is primarily attributable to anticipated operational synergies and the assembled workforce of Trendyol GO. Goodwill was assigned to the Delivery segment.
The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives (in millions, except years):
Fair Value
Weighted Average Remaining Useful Life - Years
Consumer, Merchant and other relationships$83 12
Developed technology29 2
Trade name, trademarks and other20 3
Total$132 
Consumer, Merchant and other relationships represent the fair value of the underlying relationships with Merchants (such as restaurants), end-users, and Couriers. Developed technology represents the fair value of Trendyol GO’s technology. Trade name, trademarks and other relate to the “Trendyol GO” trade name, trademarks, and domain names. The overall weighted average useful life of the identified amortizable intangible assets acquired is 8 years.
The results of Trendyol GO were included in our consolidated financial statements from the date of acquisition. For the period from June 17, 2025 through December 31, 2025, Trendyol GO contributed an immaterial amount of revenue and loss before taxes.