UK-based ride-hailing firm Uklon has announced plans to acquire E-wings taxi service in Ukraine for £1.7 million (approximately $2.2 million). The acquisition, which is set to be completed in the coming weeks, marks Uklon's latest move to expand its presence in Eastern Europe.
According to reports, E-wings will continue to operate as a subsidiary of Uklon, with its existing management team remaining in place. The deal is expected to bolster Uklon's market share in Ukraine, where it already operates a significant fleet of vehicles.
The acquisition comes as Uklon continues to invest in its expansion plans across Europe. In a statement, the company cited the opportunity to tap into the 'fast-growing' Ukrainian market as a key factor in the deal. E-wings, which was founded in 2014, operates a network of taxis across major Ukrainian cities, including Kiev and Odessa.
Uklon's acquisition of E-wings has been welcomed by industry analysts, who see the deal as a strategic move to expand the company's presence in Eastern Europe. According to a report by ResearchAndMarkets.com, the global ride-hailing market is expected to reach £145 billion by 2025, with Eastern Europe set to experience significant growth in the coming years.
While the acquisition is expected to have a positive impact on Uklon's bottom line, it remains to be seen how the deal will affect E-wings' employees and customers. The Foreign Office has advised British citizens to exercise caution when travelling to Ukraine, citing ongoing tensions in the region. However, Uklon has assured that E-wings will continue to operate as usual, with no disruptions expected to services.