Mubadala, the Abu Dhabi-based state fund that owns Getir, one of Turkey’s leading delivery companies, is deciding to sell all its investments in Turkey. Negotiations regarding this sale, which covers the company’s core distribution operations, its car rental unit, Getir Araç, and its finance unit, Getir Finans, are reportedly ongoing.
Mubadala Prepares to Sell Getir Shares
Mubadala acquired all of Getir six months ago following approval from the Competition Authority. Tensions arose between Getir’s founders and the fund during this period. Sources indicate that management disagreements are behind this decision.
According to the latest information, Mubadala’s negotiations to sell its stake in Getir Araç are at an advanced stage with the Turkish company Tiktak. Discussions are also ongoing for a stake in the core distribution business. Mergermarket previously reported that US-based DoorDash is among the potential buyers.
Mubadala made its initial investment in Getir in 2021. Getir, which experienced significant growth during the COVID-19 pandemic, reached a valuation of $12 billion in 2022. However, due to declining consumer demand and disagreements with investors, it subsequently closed its international operations and restructured.
Tensions between Mubadala and the Getir founders escalated last summer. Mubadala had offered Getir an additional $250 million investment, demanding control of its Turkey operations and the departure of then-CEO Nazım Salur. This deal fell through. The fund subsequently developed a new plan aimed at taking control of all Turkey operations.
The founders described the situation as a “coup” because they were not invited to the board’s vote on the plan, which was voted on and approved. Mubadala, however, described this move as necessary to secure the company’s future.
According to Amsterdam court documents released in February, Mubadala provided a total of $80 million in loans to Getir in March and April 2024, followed by an additional $250 million in June. An analysis submitted to a Dutch court in January valued Getir’s group assets at $374 million.
