VW-Backed Ride-Hailing Company Gett Buys Juno for $200 Million

The deal is a win for Gett—and a serious blow for Juno’s drivers.

byWill Sabel Courtney|
VW-Backed Ride-Hailing Company Gett Buys Juno for $200 Million

The proliferation of ride-hailing apps may be coming to an end. Gett, a ride-hailing company backed by Volkswagen, is purchasing New York area rival Juno in a deal worth $200 million, the company announced on Wednesday. 

The two companies will eventually be merged together under a single banner, said Gett spokesperson Jacqui Wimberly, according to Reuters

The deal gets Gett all of Juno's drivers—but it comes as a blow to them, as the people shuttling riders about received stock in the company as part of Juno's efforts to be a more driver-centric alternative to Lyft and Uber. Under the terms of the Gett deal, those restricted stock units, as they're known, effectively lose all their value. 

Gett, which operates in more than 100 cities across the U.S., Europe, Russia, and its homeland of Israel, has endeavored to grab market share in the New York area for some time. In 2015, Gett launched an NYC-based ad campaign specifically and cheekily targeting Uber.