Turkish car rental business Getir Arac, which was majority owned by Abu Dhabi sovereign wealth fund Mubadala, has been sold to Tiktak, another short-term car rental company in Turkey, the minority shareholder announced on Friday.
Last month, two sources with knowledge of the matter told Reuters that Mubadala, the top shareholder in Turkish delivery company Getir, was exploring exiting all its Getir investments in Turkey including its financing and car rental businesses.
The move follows a tussle for control of the Turkish firm between Mubadala and Getir’s founders linked to competing restructuring plans.
The sources had said Mubadala’s talks to sell its stake in Getir Arac were at an advanced stage.
Anadolu Group Holding AGHOL.IS said in a statement to the Istanbul stock exchange on Friday evening that its subsidiary Celik Motor sold its 25 per cent stake in Getir Arac for $5.51m.
It said Mubadala’s Getir Perakende, which owned the remaining 75 per cent of Getir Arac, also sold its stake to Tiktak.
