Investors in Getir, the food delivery group which is abandoning its UK operations, have approved a demerger of the company which will trigger a new capital injection of up to $250m (£197.5m).
Sky News has learned that Turkey-based Getir held an extraordinary general meeting on Sunday, at which shareholders backed plans to split the company into two independent companies.
The first will consist of its food and grocery delivery operations in Turkey, and will be majority owned and controlled by Mubadala, Abu Dhabi’s state investment fund.
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This business will be led by Batuhan Gultakan, current executive at Getir, while Nazim Salur, the company’s founder, will not have active involvement in it.
Instead, Salur will manage the other independent business, which comprises Getir’s other assets, including Getir Drive and BiTaksi, the ride-hailing services.
Getir’s withdrawal from the UK and other European markets, confirmed in the spring, represented a large-scale retreat for a company once valued at almost £10 billion.
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People in the know said that as part of the restructuring, Mubadala agreed to inject up to $250 million into the company, both to facilitate the orderly liquidation of its UK and European arm and to invest in growing its food delivery business. In Turkey.
Mubadala is said to be optimistic about the prospects for the Turkish market and that the restructuring would leave the company in a much stronger position, according to another source close to the situation.
Part of the financing could be used to repay outstanding liabilities, which are understood to include several million pounds owed to Tottenham Hotspur FCwhose training kit you sponsored.
Hundreds of jobs are being lost in the UK as a result of the closure of the Getir business.
Companies like Getir were big winners during the pandemic, attracting funding at astronomical valuations.
Its decline highlights the falling valuations of technology companies, once hailed as the new titans of food retail.
Many of its rivals have already gone bankrupt, while others have been swallowed up as part of a desperate wave of consolidation.
Getir, whose name means “to bring” in Turkish, bought rival Gorillas in a $1.2 billion stock-based deal that closed in December 2022.
Getir could not be reached for comment, while Mubadala declined to comment.
This story originally appeared on News.sky.com read the full story
