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Türkiye’s Getir withdraws from UK, splits into 2 entities with $250M capital infusion

Türkiye's Getir withdraws from UK, splits into 2 entities with $250M capital infusion An employee of Turkish fast grocery-delivery company Getir rides to deliver an online grocery delivery in Istanbul, Türkiye, November 12, 2021. (Reuters)
By Newsroom
Jun 24, 2024 3:50 PM

Investors in Getir, a food delivery group that is ceasing operations in the United Kingdom, have authorized a division of the company, which will result in a new capital infusion of up to $250 million.

According to Sky News, Getir conducted an extraordinary general meeting on Sunday during which shareholders approved the division of the company into two independent entities.

The initial entity will be majority-owned and controlled by Mubadala, the Abu Dhabi state investment fund, and will encompass its food and grocery delivery operations in Türkiye.

The company’s founder, Nazim Salur, will not actively participate in this venture; instead, current Getir executive Batuhan Gultakan will lead it.

Salur will manage the other standalone business, which includes Getir’s other assets, such as BiTaksi and Getir Drive, the ride-hailing services.

Confirmed in the spring, Getir’s withdrawal from the U.K. and other European markets marked a complete retreat for a once nearly $12,66bn valued company.

Last Updated:  Jun 24, 2024 3:53 PM