{"id":79826,"date":"2024-06-24T07:44:15","date_gmt":"2024-06-24T07:44:15","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/24\/getir-shareholders-back-break-up-of-food-delivery-app\/"},"modified":"2024-06-24T07:44:15","modified_gmt":"2024-06-24T07:44:15","slug":"getir-shareholders-back-break-up-of-food-delivery-app","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/24\/getir-shareholders-back-break-up-of-food-delivery-app\/","title":{"rendered":"Getir shareholders back break-up of food delivery app"},"content":{"rendered":"
\"Getir<\/div>\n
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Investors in Getir, the food delivery app which is abandoning its UK operations, have approved a break-up of the company that will trigger a fresh capital injection of up to $250m (\u00a3277m).<\/p>\n

Sky News has learnt that Getir, which is based in Turkey, held an extraordinary general meeting on Sunday at which shareholders backed plans to split it into two independent companies.<\/p>\n

The first will consist of its food and grocery delivery operations in Turkey, and will be majority-owned and controlled by Mubadala, the Abu Dhabi state investment fund.<\/p>\n

Money latest:<\/strong>
I bought a new car but it’s been back to dealership six times with same fault – what can I do?<\/strong><\/a><\/p>\n

This business will be led by Batuhan Gultakan, a current Getir executive, while Nazim Salur, the company’s founder, will have no active involvement in it.<\/p>\n

Instead, Mr Salur will run the other standalone business, comprising Getir’s other assets, including Getir Drive and BiTaksi, the ride-hailing services.<\/p>\n

Getir’s withdrawal from the UK and other European markets, confirmed in the spring, represented a full-scale retreat for a company once-valued at nearly \u00a310bn.<\/p>\n

Read more:
Getir ends European expansion with 1,500 UK job losses expected<\/a><\/strong><\/p>\n

Insiders said that as part of the restructuring, Mubadala had agreed to inject up to $250m into the company, both to facilitate the orderly wind-down of its UK and European arm and to invest in growing its Turkish food delivery business.<\/p>\n

Mubadala is said to be optimistic about the outlook for the Turkish market, and that the restructuring would leave the company in a much stronger position, according to another source close to the situation.<\/p>\n

Part of the funding could be used to repay outstanding liabilities, which are understood to include several million pounds owed to Tottenham Hotspur FC<\/a><\/strong>, whose training kit it sponsored.<\/p>\n

Hundreds of jobs are being lost in the UK as a result of the closure of Getir’s business.<\/p>\n

Companies such as Getir were big winners during the pandemic, attracting funding at astronomical valuations.<\/p>\n

<\/p>\n

<\/a><\/p>\n

Its decline highlights the slumping valuations of technology companies once-hailed as the new titans of food retailing.<\/p>\n

Many of its rivals have already gone bust, while others have been swallowed up as part of a desperate wave of consolidation.<\/p>\n

Getir, whose name means ‘to bring’ in Turkish, bought rival Gorillas in a $1.2bn stock-based deal that closed in December 2022.<\/p>\n

Getir could not be reached for comment, while Mubadala declined to comment.<\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investors in Getir, the food delivery app which is abandoning its UK operations, have approved a break-up of the company that will trigger a fresh capital injection of up to $250m (\u00a3277m). Sky News has learnt that Getir, which is based in Turkey, held an extraordinary general meeting on Sunday at which shareholders backed plans […]<\/p>\n","protected":false},"author":2,"featured_media":79827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/e3.365dm.com\/24\/04\/1920x1080\/skynews-getir-delivery-grocery_6526695.jpg?20240419152940","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[1330,33322,15352,1720,40779,1553],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/79826"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=79826"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/79826\/revisions"}],"predecessor-version":[{"id":79828,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/79826\/revisions\/79828"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/79827"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=79826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=79826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=79826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}