Getir Founder Vows Legal Action Against Mubadala's Bid
Deal News | Jan 16, 2025 | Zawya
Getir, a Turkish fast-delivery service company once valued at over $10 billion, is embroiled in a legal battle following a takeover bid by its largest shareholder, Mubadala. One of Getir's co-founders, Nazim Salur, has declared the move an 'illegal coup' and intends to pursue legal action. Mubadala claims its takeover bid is backed by Getir's independent directors, alleging the founders failed to execute a prior restructuring agreement. The plan agreed upon in June entailed Mubadala gaining control of the profitable grocery delivery segment, with the remaining non-core parts placed under the founders' control. Despite an apparent impasse, Mubadala is determined to gain shareholder approval for its new takeover initiative, citing financial stability and job protection for Getir's 18,000 Turkish employees as key objectives. The dispute comes amid Getir's struggle following the closure of its overseas operations last summer. This week's expected shareholder meeting is pivotal as both sides vie for control.
Sectors
- E-Commerce & Delivery Services
- Private Equity & Investment Management
Geography
- Turkey – The article discusses Getir, a Turkish company, and its operational challenges within the country.
- United Arab Emirates – Mubadala, based in Abu Dhabi, UAE, is a major shareholder and central to the acquisition discussion.
- Netherlands – Getir BV, the umbrella company for Getir involved in the shareholder meeting, is based in the Netherlands.
Industry
- E-Commerce & Delivery Services – Getir operates in the fast-delivery service sector, a segment of e-commerce focusing on timely distribution of goods to consumers.
- Private Equity & Investment Management – Mubadala, as a key investor attempting to acquire Getir, exemplifies the role of private equity and investment management in corporate takeovers and restructuring.
Financials
- $250 million – Amount reportedly secured by Getir in exchange for restructuring and allowing Mubadala to take control of local grocery delivery operations.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Getir | Target company | Company | Turkish fast-delivery service company involved in the legal and financial dispute with Mubadala. |
| Mubadala | Bidding company | Company | Abu Dhabi state investment fund seeking to acquire Getir through a structured takeover bid. |
| Nazim Salur | Co-Founder of Getir | People | One of Getir's founders who is opposing Mubadala's takeover bid and plans to undertake legal action. |
| Serkan Borancili | Co-Founder of Getir | People | Getir's co-founder intended to oversee non-core businesses under the June agreement; details currently unavailable on current stance. |
| Getir BV | Holding Company | Company | Netherlands-based umbrella company for Getir where important shareholder decisions are being made. |
| Turkey's Competition Board | Regulatory Body | Government | Turkish authority overseeing competitive practices, involved in Mubadala's application process for sole control of Getir. |