Pango on verge of completing $200 million acquisition of Gett | CTech
Summary
The fact that the company employs only 100 people and its parking services collection activity, from which it collects considerable fees for every time a car parks in a lot (NIS 1.90) or on the street (2%), contributes to the exceptional profitability. Pango is expected to keep the transportation activity under the Gett brand and under separate management, at least initially. In 2016, Gett raised $300 million from the car manufacturer Volkswagen, but in 2018, it was reported in the German press that the company had already written off the investment. In the funds annual reports, it states that the company presented a strong fourth quarter, with a rapid recovery that brought it back to the level of 80% of the revenues it reached prior to the war. The revenues at the end of the year were above forecasts, while Gett’s performance in the UK remained strong.