{"id":99772,"date":"2025-01-17T00:00:00","date_gmt":"2025-01-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/mubadala-to-propose-full-control-of-getir-at-upcoming-meeting\/"},"modified":"2025-01-17T00:00:00","modified_gmt":"2025-01-17T00:00:00","slug":"mubadala-to-propose-full-control-of-getir-at-upcoming-meeting","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/01\/17\/mubadala-to-propose-full-control-of-getir-at-upcoming-meeting\/","title":{"rendered":"Mubadala to propose full control of Getir at upcoming meeting"},"content":{"rendered":"

Mubadala to seek full control of Getir at EGM: <\/strong>The founders of Turkey\u2019s rapid grocery delivery startup Getir BV and its largest investor, Mubadala Investment, are scheduled to meet at an extraordinary general meeting (EGM) in Amsterdam on Sunday, Bloomberg<\/a> reports. The meeting will vote on Mubadala\u2019s proposal to take full ownership of Getir, a move the Abu Dhabi fund says is necessary to stabilize the company after the founders failed to finalize a June restructuring agreement. <\/p>\n

Mubadala\u2019s stance:<\/strong> \u201cThis new transaction will secure Getir\u2019s financial stability and allow for the execution of its long-term business plan, protecting and sustaining employment for over 18k Turkish employees,\u201d Mubadala said in the statement.<\/p>\n

Getir founder Nazim Salur initiated legal action to challenge the move<\/strong>, which he described on X<\/a> as an \u201cillegal coup\u201d aimed at reducing the founders\u2019 stake to zero, the newswire reports. Salur urged Mubadala to uphold the June agreement to split Getir into two entities, while the company\u2019s other co-founders, Serkan Borancili and Tuncay Tutek, have not commented publicly.<\/p>\n

REFRESHER- <\/strong>Last <\/a>September<\/a>, Mubadala applied for full ownership of Getir\u2019s grocery and food delivery businesses with Turkish antitrust authorities. Mubadala acquired a controlling stake in Getir in June<\/a>, leading a USD 250 mn funding round tied to the company\u2019s restructuring. The strategy aimed to divide the company into two entities: one focusing on food delivery in Turkey, primarily owned and managed by Mubadala with Batuhan Gultakan leading it. Meanwhile, Getir founder Nazim Salur stepped down as CEO to lead the other division, which included ride-hailing services and additional assets.<\/p>\n

In context- Getir is in hot water:<\/strong> Once valued at USD 11.8 bn in 2022, Getir\u2019s valuation fell to USD 2.5 bn in 2023 amid cash burn and exits from key markets, including the UK, Germany, the Netherlands, and the US. Internal disputes over strategy further strained the company\u2019s performance.<\/p>\n","protected":false},"excerpt":{"rendered":"

Founder Nazim Salur has initiated legal action to challenge Mubadala\u2019s proposal to take full ownership of Getir<\/p>\n","protected":false},"author":1,"featured_media":99773,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1625],"tags":[833,7,1489,1343],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-99772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dispute-watch","tag-dispute-watch","tag-enterpriseam-uae","tag-getir","tag-mubadala","wpautop","entry"],"acf":{"mongo_id":"82881d13-9aac-4dfa-9999-15d62663dac3","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1231.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Mubadala and Getir founders to face off at at upcoming meeting","related_issue":[99760],"teaser":"Founder Nazim Salur has initiated legal action to challenge Mubadala\u2019s proposal to take full ownership of Getir","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.d8c711e3-275f-4bc5-b93a-2c0ff528e3c8.mp3"},"yoast_head":"\nMubadala to propose full control of Getir at upcoming meeting - 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