UAE-based Mubadala’s takeover of Turkish Getir’s key subsidiaries approved
File photo shows the exterior of the Mubadala Investment Company headquarters in Abu Dhabi, UAE, on Jan 15, 2025. (Adobe Stock Photo)
Turkish Competition Authority announced Friday it has approved the acquisition of four key subsidiaries of Getir, a prominent Turkish delivery company, by UAE-based Mubadala Investment Company.
According to the authority’s decision dated Mar. 13, the subsidiaries to be acquired by Mubadala include Getir Arac (vehicle-sharing services), Getir Technology (technology development), Getiris (consulting and trade), and Getgo (electric delivery vehicles).
Mubadala submitted its application for the acquisition to the Competition Authority on Mar. 10.
Dispute between Getir founders and Mubadala
Founded in 2015 as a rapid delivery startup, Getir quickly rose to prominence, reaching a market valuation of over $10 billion. However, amid declining consumer demand, the company has faced financial difficulties.
Last year, after lengthy negotiations, Getir ceased its international operations and initiated a restructuring process.
In June, Getir’s founder, Nazim Salur, and his partners reached an agreement with Mubadala, under which the company would be split in two in exchange for a $250 million investment.
However, on Jan. 15, Salur accused Mubadala of violating the agreement and attempting to implement an alternative restructuring plan that sidelined the company’s founders, announcing plans to initiate legal action against the investment firm.
