Mubadala explores selling all Getir stakes in Turkey, sources say

By Ebru Tuncay and Federico Maccioni

Abu Dhabi sovereign wealth fund Mubadala, the top shareholder in Turkish delivery company Getir, is exploring exiting all its Getir investments in Turkey including its financing and car rental businesses, according to two sources with knowledge of the matter.

The move follows a tussle for control of the Turkish firm between Mubadala and Getir's founders linked to competing restructuring plans.

Mubadala's talks to sell its stake in the car-rental business, Getir Arac, are at an advanced stage with Turkish company Tiktak, the sources said, requesting anonymity to speak because the discussions are private. Mubadala declined to comment. Tiktak did not respond to requests for comment.

The Abu Dhabi fund owns controlling shares of Getir's grocery distribution business as well as Getir Arac and Getir Finans, according to competition watchdog statements.

Reuters could not establish the exact percentage of Mubadala's ownership in each business.

Mergermarket had previously reported that Mubadala had been in talks to sell its share of the core delivery business, with U.S.-based Doordash among potential interested parties. DoorDash declined to comment when contacted by Reuters.

The talks on selling Getir's delivery business were ongoing, with more than one possible buyer, the two sources said.

The planned exit from the other two Getir units, Finans and Arac, has not previously been reported.

It is not clear whether the talks will result in deals.

A sale would mark a complete exit for Mubadala, which manages $330 billion, after acquiring stakes in nearly all of Getir's subsidiaries last year and first investing in the company just four years ago, in 2021.

Getir grew rapidly during the COVID-19 pandemic, attracting major investors and reaching a valuation of $12 billion in 2022 following an investment round in which Mubadala took part. The food delivery group set up operations across Western Europe and in New York and Chicago.

It later suffered declining consumer demand and after months of negotiations among its partners, it restructured and shut down its rapidly growing international operations.

In January, Mubadala said Getir's independent directors had unanimously approved an "alternative transaction" proposed by the wealth fund, without detailing the plan, leading to a legal dispute with the company's founders.

One of the founders described the new plan an "illegal coup" and vowed legal action. An Amsterdam appeal court ultimately rejected the founders' appeal.

Mubadala granted Getir loans worth a total of $80 million between March and April 2024, followed by a further loan of $250 million in June the same year, Amsterdam court documents published in February showed.

Getir valued its group assets at $374 million, according to an analysis it submitted to a Dutch court in January.