Uber Technologies said it has agreed to acquire the delivery business of Turkey-based Getir from Emirati controlling shareholder Mubadala, a move that will combine two major platforms in the country’s on-demand delivery market, pending regulatory approval.
In a statement on Monday Uber said the deal covers Getir’s delivery portfolio in Turkey, including food, grocery, retail and water delivery. Getir’s financial services arm will remain with its current owners, according to media reports.
Separately, Uber said in a filing with the US Securities and Exchange Commission that it would pay $335 million in cash, on a cash and debt-free basis, to acquire Getir’s food delivery business.
The transaction will bring Getir and Trendyol Go in which Uber acquired a $700 million stake last year under the same umbrella, further expanding Uber’s presence in Turkey.
Uber said Getir users will continue to access services through the Getir app, while gaining access to more restaurants from Trendyol Go. Trendyol Go customers, meanwhile, will be able to order Getir’s grocery products directly through the Trendyol Go app.
“With a thriving digital economy and a dynamic consumer base, Uber is committed to investing in Türkiye for the long term,” Uber CEO Dara Khosrowshahi said, describing the deal as part of the company’s long-term strategy in the country.
Getir was founded in İstanbul in 2015 and grew rapidly with its ultrafast delivery model, reaching a peak valuation of nearly $12 billion. The company later scaled back international operations, including in the United States and Europe, amid rising costs and intense competition, and refocused on its home market.
Mubadala Investment Company, a state-owned global investment firm that acts as one of the sovereign wealth funds of the government of Abu Dhabi and Getir’s main shareholder, said the transaction reflected the progress the company has made in Turkey, which it described as an attractive market for long-term investment.
“This transaction reflects the strength of the business and the progress it has made, particularly over the last year. Türkiye remains a highly attractive market for Mubadala, and we continue to evaluate long-term investment opportunities in the country,” said Waleed Al Mokarrab Al Muhairi, Deputy Group CEO at Mubadala Investment Company.