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Getir founder vows to sue over Mubadala's bid for Turkish firm

VCCircle

VCCircle · 6m ago

Getir founder vows to sue over Mubadala's bid for Turkish firm

Getir founder Nazim Salur announced plans to legally challenge Mubadala, the company's largest shareholder, over a takeover bid he labels an "illegal coup." Mubadala is accused of breaching a restructuring agreement and seeks shareholder approval for a new deal after claiming the founders failed to adhere to an earlier agreement. The conflict centers around Mubadala's intentions to secure financial stability for Getir, a Turkish delivery giant that has struggled with declining consumer demand.

Related News

Turkish delivery startup Getir to exit Italy, Spain and Portugal

Economic Times

Economic Times · 2y ago

Turkish delivery startup Getir to exit Italy, Spain and Portugal

Turkish delivery startup, Getir, announces its decision to exit the markets of Italy, Spain, and Portugal. The company had expanded to these countries with its ultra-fast grocery delivery services. However, faced with challenges and stiff competition, Getir has opted to discontinue operations in these regions. The move is likely aimed at streamlining its operations and focusing on other growth opportunities.

Getir CEO says he has been removed as power struggle continues

VCCircle

VCCircle · 6m ago

Getir CEO says he has been removed as power struggle continues

The CEO of Getir, a Turkish grocery delivery firm, was removed from his position amid a power struggle. Batuhan Gultakan, CEO since 2022, claimed his dismissal was unjustified. The disagreement follows the approval of a restructuring plan backed by Getir's largest shareholder, Mubadala. The plan involves separating non-core businesses from local delivery operations. Despite legal challenges from Getir's founders, a Dutch court rejected their appeal against the proposed restructuring strategy.

PE firm Turkven acquires cloud services provider in third bet of 2024

VCCircle

VCCircle · 9m ago

PE firm Turkven acquires cloud services provider in third bet of 2024

Turkish private equity firm Turkven has made its third investment of the year by acquiring a local cloud and cybersecurity solutions provider. The company, which manages over $2bn in assets, has invested in Medianova, a Turkish content delivery platform and cloud security provider. This move highlights Turkven's interest in the growing cloud services market and its commitment to supporting mid-sized companies in Turkey.

Centre orders IndiGo to exit Turkish Airlines lease deal by August 31

Business Today

Business Today · 2m ago

Centre orders IndiGo to exit Turkish Airlines lease deal by August 31

The Centre has instructed IndiGo to end its lease agreement with Turkish Airlines by August 31. This follows the revocation of security clearance for Turkish ground-handling firm, Celebi Aviation. IndiGo had been using two Boeing 777-300ER aircraft from Turkish Airlines under a wet lease agreement. Despite requesting a six-month extension, the Ministry of Civil Aviation denied the extension beyond the original May 31 lease expiry, only allowing a brief relief period.

Turkish crypto boss sentenced to 11,196 years in jail

Economic Times

Economic Times · 1y ago

Turkish crypto boss sentenced to 11,196 years in jail

A disgraced Turkish crypto founder who fled to Albania and his two brothers have been sentenced to 11,196 years in jail each, the Anadolu state news agency reported Friday. His two brothers, Serap and Guven, received the same sentence, which was issued late Thursday after a brief trial, Turkish media reports said.

Turkish venture capital firm Revo gets a returning LP for third fund

VCCircle

VCCircle · 9m ago

Turkish venture capital firm Revo gets a returning LP for third fund

Revo Capital, a Turkish venture capital firm that supports early-stage technology startups, is set to receive an investment commitment from a returning limited partner for its third fund. The returning partner is believed to be a large global financial institution and will join Revo Capital's existing portfolio of 20 companies. This news highlights the continued interest and support for the Turkish startup ecosystem.

Reddit cofounder Alexis Ohanian joins Frank McCourt's bid for TikTok

Economic Times

Economic Times · 5m ago

Reddit cofounder Alexis Ohanian joins Frank McCourt's bid for TikTok

Frank McCourt has enlisted Reddit co-founder Alexis Ohanian as a strategic adviser in his bid to acquire TikTok's US operations. Recognized for his expertise in social media, Ohanian is expected to help advocate for Project Liberty, McCourt's initiative offering users control over their data. The bid aims to meet national security concerns while potentially acquiring TikTok's US assets. The proposition faces competition, and ByteDance, TikTok's parent company, remains only marginally involved.

OnlyFans founder, crypto foundation submit late-stage bid to buy TikTok

Economic Times

Economic Times · 4m ago

OnlyFans founder, crypto foundation submit late-stage bid to buy TikTok

OnlyFans founder Tima Stokely and the Hbar Foundation, managing the Hedera cryptocurrency network, have submitted a bid to acquire TikTok from ByteDance. Their company, Zoop, aims to create a platform rewarding creators directly. This bid aligns with US efforts to address national security concerns over TikTok’s Chinese ownership. The outcome hinges on approval from President Trump, with April 5 as a key deadline, amid concerns over freedom of speech and foreign influence.

UK's Craneware rejects Bain Capital's $1.3 billion takeover proposal

Economic Times

Economic Times · 1m ago

UK's Craneware rejects Bain Capital's $1.3 billion takeover proposal

British software firm Craneware rejected a takeover bid from Bain Capital, valuing it at 939.4 million pounds, as it considered the 26.50 pounds-per-share proposal insufficient. The bid offered a 29.3% premium over Craneware's previous share price before Bain's interest was disclosed. Specializing in healthcare financial software for the U.S. market, Craneware has a market capitalization of around 710 million pounds. Bain Capital decided not to pursue the offer further.

PE firm Mediterra Capital set to invest in Turkish company

VCCircle

VCCircle · 9m ago

PE firm Mediterra Capital set to invest in Turkish company

Mediterra Capital Partners, a Turkish private equity firm, is preparing to invest in a local advisory company. This marks the first investment from Mediterra's third fund. With total assets of $542 million under management, Mediterra focuses on small and mid-sized businesses in Turkey. The firm is known for its expertise in private equity investments.

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