The deal is mostly equity-based, with around $40 million being paid out in cash. However, due to the drop in Gorillas' valuation, some of its backers are expected to receive little or no return on their investment.
Gorillas had previously raised $1 billion from investors, including Tencent, AMYP Ventures and Coatue. It was valued at $3 billion at the time, but the sale price of $1.2 billion shows the impact of the drying up of investor capital.
Getir, which has almost $2 billion in funding, has previously acquired Blok in Spain and Weezy in the UK.
Investment in the ultrafast delivery services sector has allowed companies to offer rock-bottom prices with tight margins. However, the end of the era of cheap capital has led to consolidation in the industry, with Getir's acquisition of Gorillas leaving only Flink in Germany and Gopuff in the US as major players.
Getir has nearly $2 billion in funding and was previously valued at over $12 billion, though this figure has now dropped to around $8.8 billion.
The company has previously acquired competitors in Spain, the UK, and France, but as the market continues to consolidate and investor interest declines, the extent of Getir's future growth remains uncertain.