Getir, a Turkish company, held an extraordinary general meeting on Sunday at which its shareholders approved plans to split the company into two distinct businesses, according to information obtained by News.
The first will consist of its food and grocery delivery services in Turkey and will be mostly owned and operated by Mubadala, the Abu Dhabi state investment fund.
Current Getir executive Batuhan Gultakan will lead this firm; Nazim Salur, the creator of the company, will not be directly involved.
Rather, Mr. Salur will oversee the other independent company, which consists of Getir’s other properties, including as the ride-hailing services Getir Drive and BiTaksi.
Confirmed in the spring, Getir’s exit from the UK and other European markets marked a significant retreat for a business that was before valued at close to £10 billion.
According to insiders, Mubadala had committed to restructure the company by investing up to $250 million, which would have helped with the smooth closure of its operations in the UK and Europe and would have helped expand its meal delivery business in Turkey.
According to another person close to the situation, Mubadala is confident about the Turkish market’s future and believes that the company would be in a much stronger position after the restructuring.
