Getir, the Turkish grocery delivery startup backed by the UAE’s Mubadala Investment Co, has divested its 75 percent stake in its short-term car rental subsidiary, Getir Araç. The stake was acquired by Turkey’s TikTak New Generation Transportation Solutions and Car Rental, marking a significant strategic shift for the rapid delivery giant.
The Divestment Details
Alongside Getir’s majority stake sale, Celik Motor, a subsidiary of the Borsa Istanbul-listed Anadolu Group, also sold its remaining 25 percent stake in Getir Araç to TikTak for a total of $5.5 million. While the value of Celik Motor’s transaction was disclosed, the financial terms of the larger 75 percent stake sale by Getir were not made public. This move consolidates the ownership of the car rental service under a single new entity.
Mubadala’s Strategic Reassessment
This sale comes amidst reports that Mubadala is exploring a broader exit from its Getir investments within Turkey, including the startup’s financing businesses. The strategic shift follows a period of tension over the control of the Turkish company, with Mubadala and Getir’s founders reportedly clashing over competing restructuring plans. The Abu Dhabi-based sovereign fund first invested in Getir in 2021 and later acquired controlling shares in several of its subsidiaries last year, including its core grocery distribution business and Getir Finans.
About Mubadala Investment Co
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for its shareholder, the Government of Abu Dhabi. With a portfolio valued at over $276 billion, Mubadala has investments in more than 50 countries across various sectors, including technology, life sciences, energy, and real estate.
Source: AGBI
