Mubadala Plans Exit from Turkish Delivery Giant Getir in Turbulent Restructuring

Abu Dhabi's Mubadala seeks to exit from Turkish delivery firm Getir amid control disputes with Getir's founders. The fund is in advanced talks with Tiktak to sell its car-rental business, Getir Arac. Mubadala's complete withdrawal marks a shift after legal disputes and significant investments in Getir's subsidiaries.

Abu Dhabi's sovereign wealth fund, Mubadala, is reportedly seeking to withdraw its investments from Getir, a major Turkish delivery company, as disclosed by sources familiar with the proceedings. This move comes amid a power struggle between Getir's founders and Mubadala over differing restructuring strategies.

Mubadala's discussions on divesting its shares in the car rental segment, Getir Arac, are reportedly in advanced stages with Tiktak, a local Turkish firm. Neither Mubadala nor Tiktak have provided comments on the ongoing private talks. Additionally, Mubadala has stakes in Getir's financial unit, Getir Finans, though the specifics of ownership remain undisclosed.

The fund's complete departure would conclude its involvement in the once-booming delivery service that surged in popularity during the pandemic. Legal tussles ensued after Mubadala's board-approved restructuring plan was contested by Getir's founders, leading to legal confrontations, including appeals which culminated in the issuance of loans to the company, as revealed by court documents.

(With inputs from agencies.)