Investors in Getir have approved a split of the company that will lead to a fresh capital injection of up to $250 million. The food delivery group, based in Turkey, held an extraordinary general meeting on Sunday during which shareholders backed plans to divide the company into two independent entities.
According to sources close to the situation, the first company will comprise Getir’s food and grocery delivery operations in Turkey and will be majority-owned and controlled by Mubadala, the Abu Dhabi state investment fund. Batuhan Gultakan, a current Getir executive, will lead this business while founder Nazim Salur will have no active involvement.
The second standalone business will be led by Mr. Salur and include Getir’s other assets, such as Getir Drive and BiTaksi, the ride-hailing services. This restructuring comes after Getir confirmed its withdrawal from the UK and other European markets earlier this year, resulting in significant job losses.
Mubadala has agreed to inject up to $250 million into the company as part of the restructuring. This investment will facilitate the orderly wind-down of Getir’s UK and European arm and support the growth of its Turkish food delivery business. Sources say that Mubadala is optimistic about the Turkish market and believes this restructuring will leave Getir in a stronger position.
A portion of the funding will also be used to repay outstanding liabilities, including several million pounds owed to Tottenham Hotspur FC, whose training kit Getir sponsored. The closure of Getir’s UK business has resulted in the loss of hundreds of jobs.
Getir, once valued at nearly £10 billion, was one of many technology companies that saw significant growth during the pandemic. However, the company’s decline highlights the slumping valuations of these once-touted “titans” of food retailing. Many of its competitors have already gone bankrupt, while others have been acquired in a wave of consolidation.
In December 2022, Getir acquired rival company Gorillas in a $1.2 billion stock-based deal. Getir could not be reached for comment, while Mubadala declined to comment on the matter.