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Abu Dhabi wealth fund Mubadala Investment Co. is set to take a controlling stake in Turkish food delivery company Getir.
Investors in Getir have agreed to a restructuring scheme that will break up the business and bring in fresh capital worth $250 million, Bloomberg reported on Monday.
The UAE firm, an existing investor, will lead the new capital infusion and acquire a controlling stake in Getir’s domestic grocery and food business in Turkey.
As part of the restructuring, Getir co-founder and CEO Nazim Salur and his co-founders will hold minority stakes in the grocery venture.
They will also separately take a controlling stake in a new entity comprising other businesses of Getir, including BiTaksi, a jobs board, a shopping platform dubbed as N11 and US FreshDirect grocery business.
Last April, Getir announced plans to exit from international markets, including the United States, Germany, United Kingdom and the Netherlands.
(Writing by Cleofe Maceda; editing by Seban Scaria)
