Abu Dhabi's Mubadala Seeks Full Control of Turkish Delivery Firm Getir

Mubadala Investment Company, Abu Dhabi's sovereign wealth fund, has submitted an application to Turkey's Competition Board, seeking sole control of Getir Perakende Lojistik, a prominent Turkish grocery delivery enterprise. This development, reported on September 6, 2024, marks a significant shift in the ownership structure of one of Turkey's leading technology companies.

The move by Mubadala follows a series of strategic changes at Getir. In June 2024, the company announced a substantial $250 million investment and unveiled plans for a major restructuring. This reorganization aimed to divide the company into two distinct groups, each focusing on different market segments.

As part of this restructuring initiative, Mubadala, which was already a shareholder in Getir, was set to inject capital and assume management control along with a majority stake in the Turkish operations. Concurrently, Getir's founders, including Nazim Salur, were slated to retain a minority interest in the business.

This strategic shift came on the heels of Getir's decision in April 2024 to withdraw from its remaining European markets. The company opted to concentrate its efforts on its home market of Turkey, where it has established a strong presence and enjoys a favorable demographic landscape with a young, tech-savvy population.

The Turkish e-commerce and mobile shopping sectors have experienced rapid growth in recent years, despite economic challenges such as the devaluation of the Turkish lira. This dynamic environment has made Turkey an attractive market for digital services, particularly in the realm of on-demand delivery.

Mubadala's interest in gaining full control of Getir's Turkish operations aligns with the sovereign wealth fund's diverse investment strategy. Known for its global portfolio spanning various sectors, Mubadala appears to be capitalizing on the potential of Turkey's strategic location as a bridge between Europe and Asia.

The grocery delivery sector has seen significant expansion globally, particularly in the wake of the COVID-19 pandemic, which accelerated the adoption of online shopping and delivery services. However, the market remains highly competitive, with numerous players vying for market share.

As Turkey's Competition Board reviews Mubadala's application, the outcome could have substantial implications for the country's e-commerce landscape and the future trajectory of Getir. This development underscores the ongoing evolution of the global food delivery market and the strategic importance of key regional players in this rapidly changing industry.

"We have received a new $250 million investment and will split into two groups as part of a restructuring plan to focus on different markets."

The restructuring of Getir and Mubadala's bid for full control highlight the dynamic nature of the technology and delivery sectors, where companies must adapt quickly to changing market conditions and consumer preferences. As this situation unfolds, it will be interesting to observe how it impacts the competitive landscape of Turkey's burgeoning digital economy.