Getir, one of the world’s largest rapid-delivery grocery platforms, is weighing a string of asset sales as part of a restructuring of the business after its valuation plummeted, Sky News has reported.
The Turkish delivery platform, which only two years ago was valued at more than £9bn, is considering a sale of assets including FreshDirect, a US-based online grocer it acquired last year, and BiTaksi, a ride-hailing service in Turkey.
Sources told Sky News that Abu Dhabi state-backed investor Mubadala, which is a minority shareholder, was keen for it to dispose of a string of assets.
However, sources said a sale was not guaranteed as Mubadala is being advised on a prospective restructuring of Getir by AlixPartners.
This follows news of Getir examining several options as part of talks with its investors including the potential break-up of the brand, an exit from some of its markets, or some form of emergency restructuring mechanism.
The business, which is headquartered in Turkey but also operates in the UK, the Netherlands, Germany and the US, is struggling as demand for home grocery and takeaway services has shown signs of fading post-pandemic.
Last summer, Getir slashed 2,500 roles across its 23,000-strong workforce in some of its markets outside Turkey.
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