Türkiye’s competitors watchdog on Friday mentioned Abu Dhabi’s sovereign wealth fund Mubadala Investment Company had utilized to take sole management of Turkish grocery supply firm Getir.
The announcement was made on the Competition Authority’s (RK) web site. No additional particulars had been instantly obtainable.
In June, Getir mentioned it obtained a brand new $250 million funding and would break up into two teams as a part of a restructuring plan to concentrate on totally different markets.
Under the plan, present shareholder Mubadala was to inject capital and maintain the administration and majority stake in Turkish operations as a part of the restructuring, whereas founders Nazım Salur and others had been to have a minority stake.
In April, Getir mentioned it was withdrawing from its remaining European markets to concentrate on its foremost residence market, marking an abrupt turnaround after growth and increase in recent times.
The firm gained vital world traction through the COVID-19 pandemic, which finally noticed it attain a valuation of over $10 billion.
However, the corporate has lately confronted challenges attributable to shifting shopper habits and tightening monetary situations, prompting it to downsize.
Source: www.dailysabah.com