A founder of Turkish fast-delivery company Getir announced on Wednesday he would pursue legal action against what he called an "illegal coup" by Mubadala, the firm's largest shareholder, which was reportedly moving to secure shareholder approval for its takeover bid.
In a dramatic escalation of a power struggle for Getir, Nazım Salur, one of two founders, said on social media site X that the Abu Dhabi state fund Mubadala was breaching a June restructuring agreement.
"UAE sovereign wealth fund Mubadala is completely breaching our binding agreement in June 2024 to split Getir into two groups," Salur said.
"Now they want to bully us and grab all Founders' shares through an illegal coup," he wrote. "We are pursuing legal action through the courts. Details will follow."
Asked about the founders' plans to sue, which was reported earlier by Reuters, Mubadala said that Getir's independent directors had already backed its "alternative transaction" for the grocery delivery company.
Mudabala said it had promoted the alternative plan after the founders "demonstrated an inability" to complete the June agreement for funding and splitting the company in two. It will present its new plan to Getir's shareholders in the coming week, it told Reuters.
Istanbul-based Getir held an extraordinary general meeting in June last year at which it was said to have reached an agreement to split the company into two independent businesses, one of which would be its primary fast-delivery food and grocery services and the second one focusing on e-commerce, finance, mobility and other activities.
In September, the Turkish competition board said Mubadala had applied to take sole control of Getir, though no further details had since been given.
The company, a pioneer of fast grocery delivery businesses gained significant global traction during the COVID-19 pandemic, which eventually saw it reach a valuation of over $10 billion. It quickly expanded over several European markets and the U.S. but has then narrowed its overseas activities.
In April last year, Getir said it was withdrawing from its remaining European markets to focus on its main home market, marking an abrupt turnaround after expansion and boom in recent years.
The company, however, closed down its overseas operations last summer to secure $250 million in funding from Mubadala. In exchange, it would separate noncore businesses from the profitable local grocery delivery operations, which Mubadala would acquire.
According to reports at the time, it was noted that the core business would be led by Batuhan Gültakan, who was appointed as the CEO of the market service in Türkiye, while Salur, the company's co-founder, would have no active involvement in it.
Instead, Salur would run the other standalone business, comprising Getir's other assets, including Getir Drive and BiTaksi, the ride-hailing services.
The remaining subsidiaries would be placed in a structure controlled by the founders, Salur and Serkan Borançılı. A representative for Borançılı was not immediately available to comment.
A source with direct knowledge of the planned lawsuit told Reuters the founders viewed Mubadala as having "intentionally delayed" transferring units to them, and then at the end of last year told them that it would renege on the deal.
The founders have petitioned to annul Mubadala's call for a shareholders' meeting on Sunday of the Netherlands-based umbrella company Getir BV, where it intends to finalize control of the company, the source said, adding that a decision could come on Friday.
Mudabala said its plan "will secure Getir's financial stability and allow for the execution of its long-term business plan, protecting and sustaining employment for over 18,000 Turkish employees."
"This new agreement was unanimously approved by the Independent members of the Board of Directors," the fund said.
"It will now be presented to shareholders for approval at an Extraordinary General Meeting in the coming week."
