August 8, 2022
Willkie advised SPAC led by Callaway Capital in the transaction that will take Turkey’s leading mobility platform public.
On August 1, Willkie client Galata Acquisition Corp., a special purpose acquisition company led by Callaway Capital Management LLC, announced the execution of a definitive business combination agreement with Marti Technologies Inc., Turkey’s leading mobility app.
The combined company will receive up to approximately $147 million held in Galata’s trust account at closing of the transaction, subject to any redemptions by existing Galata shareholders. Upon closing of the transaction, the company will be named Marti Technologies Inc., and Marti’s ordinary shares are expected to trade on the New York Stock Exchange under the ticker symbol “MRT.” The transaction values the combined company at a pro forma enterprise value of approximately $532 million.
Founded in 2018, Marti is backed by a diverse investor base with deep knowledge of the mobility sector in emerging markets and operates a fleet of over 46,000 e-mopeds, e-bikes, and e-scooters, serviced by proprietary software systems and IoT infrastructure. The transaction will give Marti resources to strengthen its market-leading position in Turkey through the deployment of additional vehicles across existing and new modalities.
Galata is backed by Callaway Capital Management LLC and brings deep expertise and insight into the Turkish market. Galata has approximately $147 million in trust and the parties have received commitments for $57.5 million in new investments, including $40 million from Galata’s sponsors.
The Willkie team was led by partners William Gump, Danielle Scalzo and Michael Brandt and included associates Charise Patterson and Ryan Peloquin.
