Abu Dhabi’s sovereign wealth fund, Mubadala, is reportedly exploring a complete exit from all its investments in the Turkish delivery company Getir. The potential divestment includes the top shareholder’s stakes in Getir’s core grocery distribution business, as well as its car rental unit, Getir Arac, and its financing arm, Getir Finans.
A Strategic Pivot After Boardroom Tussle
The move to sell its holdings follows a significant period of conflict over the control and direction of the Turkish company. A dispute emerged between Mubadala and Getir’s founders regarding competing restructuring plans for the once high-flying startup. The disagreement escalated into a legal battle after Mubadala’s proposed “alternative transaction” was approved by Getir’s independent directors, a plan one of the founders described as an “illegal coup.” An Amsterdam appeal court ultimately rejected the founders’ appeal, siding with the wealth fund’s proposed path forward.
Advanced Talks For Subsidiary Divestment
According to sources familiar with the matter, discussions to sell Mubadala’s various stakes are already underway with multiple parties. Talks to sell its share in the car-rental business, Getir Arac, are said to be at an advanced stage with Turkish company Tiktak. Simultaneously, negotiations for the sale of Getir’s core delivery business are ongoing with more than one potential buyer, with US-based DoorDash previously reported as an interested party. The potential sale of the Getir Finans unit has not been previously reported.
From A $12 Billion Valuation To Restructuring
Getir experienced explosive growth during the pandemic, attracting significant investment and reaching a peak valuation of $12 billion in a 2022 funding round in which Mubadala participated. The company expanded rapidly across Western Europe and the United States. However, it later faced declining consumer demand, leading to a major restructuring that involved shutting down all its international operations to refocus on its domestic Turkish market. This strategic retreat and the subsequent internal disputes have paved the way for Mubadala’s potential full exit from the venture.
About Mubadala
Mubadala Investment Company is a sovereign investor based in Abu Dhabi, United Arab Emirates, managing a global portfolio of assets aimed at generating sustainable financial returns for its shareholder, the Government of Abu Dhabi. With a portfolio valued at over $300 billion, Mubadala invests across various sectors and asset classes in more than 50 countries, supporting the diversification of the Emirate’s economy.
Source: AGBI
