Taxi app Gett is buying Juno but it might not be for anywhere near $250 million

Gett shahar waiserGettShahar Waiser, cofounder and CEO of Gett.

BERLIN — Gett’s acquisition of rival Juno will likely be announced on Wednesday evening but the deal won’t be worth anywhere near the reported $US250 million (£195 million) price, a source with links to the company told Business Insider.

The source, who wishes to remain anonymous, said that the deal is actually worth less than $US100 million (£77.9 million) and that it will involve mostly stock.

“Juno and Gett news is real and they are announcing today but it is much lower than the $US250 million (£195 million),” the source told Business Insider on Wednesday.

Juno is an Israel-based transportation app but its service is only available in New York City. Acquiring Juno should help Gett, which is backed backed by $US300 million (£233 million) from Volkswagen, to compete with larger companies like Uber and Lyft, specifically in New York City.

Founded in Israel in 2010, Gett employs over 1,000 people in Tel Aviv, the US, the UK, and Russia. All of the R&D, however, takes place in Israel. The company has raised over $US500 million (£390 million) , according to Crunchbase.

Gett did not immediately respond to Business Insider’s request for comment.

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