Abu Dhabi’s sovereign wealth fund, Mubadala, is advancing its strategic exit from Turkish delivery company Getir, with sources reporting a key agreement has been reached to sell Getir’s food business to Uber. The proposed deal now awaits approval from Turkish regulatory authorities.
A Strategic Divestment
According to sources familiar with the matter, Uber Technologies and Mubadala have aligned on the main components of an acquisition deal for Getir Food. The two parties have submitted a proposal to Turkey’s Competition Board for review, a critical step before any final transaction can be completed.
While the proposed sale price remains undisclosed, and the deal is not yet finalized, this move signals a significant expansion for Uber Eats’ footprint in the competitive Turkish market.
Mubadala’s Calculated Exit
The potential sale of Getir Food is the latest development in Mubadala’s phased withdrawal from its investments in the Turkish delivery giant. This follows the recent sale of Getir’s car-rental business, Getir Arac, to the Turkey-based company Tiktak.
Reports indicate that the Abu Dhabi fund is exploring a full exit from its Turkish holdings in the sector, which it gained control of earlier this year.
Shifting Market Dynamics
The deal comes as Uber doubles down on its presence in Turkey, having recently acquired a majority stake in local delivery service Trendyol GO. The Turkish food delivery market is fiercely competitive, with established players like Yemeksepiti, owned by Germany’s Delivery Hero.
Getir, which saw rapid international growth and a valuation of $12 billion in 2022 with backing from Mubadala, has since undergone a major restructuring. The company shut down its operations in Europe and the US amid declining post-pandemic demand, leading to Mubadala taking control of its assets.
About Mubadala
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. Mubadala’s portfolio spans six continents with interests in multiple sectors and asset classes, including technology, life sciences, and renewable energy.
Source: Zawya
