Getir shareholders reportedly approve company's split
By Josh White
Date: Monday 24 Jun 2024
(Sharecast News) - Shareholders of Turkish rapid grocery delivery giant Getir have endorsed a major restructuring plan that would see it split into two separate entities and receive a significant capital infusion from the Abu Dhabi state investment fund Mubadala, it emerged on Monday.
According to Sky News, investors approved a plan to bifurcate the company at an extraordinary general meeting on Sunday.
The restructuring would create two independent companies - one focussed on Getir's food and grocery delivery operations in Turkey, which would be primarily owned and managed by Mubadala, and the other encompassing its remaining assets including Getir Drive and the ride-hailing service BiTaksi.
Sky said the Turkish operations would be headed by current executive Batuhan Gultakan, while Getir's founder, Nazim Salur, would manage the second entity.
The reorganisation came in the wake of Getir announcing its exit from the UK and other European markets at the end of April, as it retreated from a valuation peak of nearly £10bn.
It would include a capital injection of up to $250m from Mubadala, aimed at both the orderly wind-down of Getir's UK and European divisions and the expansion of its Turkish business.
Sky said its sources indicated that Mubadala was optimistic about the Turkish market's potential, believing the restructuring would fortify Getir's market position.
Part of the new funding was expected to address outstanding liabilities, including millions owed to Tottenham Hotspur FC for a sponsorship deal.
Getir's withdrawal from the UK had resulted in job losses impacting hundreds of employees, after a rapid rise during the Covid-19 pandemic when its valuation soared.
Previously, Getir acquired Germany-based rival Gorillas in a $1.2bn stock deal finalised in December 2022.
Reporting by Josh White for Sharecast.com.
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