Uber has cleared the last regulatory hurdle to buying Getir’s delivery business in Turkey. The country’s Competition Board approved the US company’s acquisition of the delivery arm from Getir’s Emirati controlling shareholder, Mubadala, on Friday, ending a review that began when the deal was struck in February and clearing the way for Uber to deepen its presence in one of its faster-growing markets.
The terms are split across two parts of Getir’s business. Uber is paying $335m in cash for the food-delivery operation, and is separately taking a 15% stake in the remaining grocery, retail, and water-delivery portfolio for $100m.
The structure lets Uber absorb the part it most wants, prepared meals delivered to the door, while keeping a smaller foothold in the adjacent categories rather than buying the whole company.
Getir is a notable name to be carved up this way. The Istanbul-based company was one of the defining stories of the pandemic-era rapid-delivery boom, expanding aggressively across Europe on the promise of groceries in minutes before retreating to its home market as the economics of that model came under strain. The sale of its delivery arm to Uber marks how far the company’s ambitions have narrowed since.
