Mubadala to Exit Turkish Investments Following Internal Dispute
Istanbul, Türkiye – Mubadala Investment Company is evaluating teh sale of all its investments in Türkiye, Reuters reported today, following a disagreement with the founders of the companies it backed over restructuring plans. The move signals a potential full exit from the Turkish market for the Abu Dhabi-based sovereign wealth fund.
The most advanced discussions currently center around the sale of Mubadala’s stake in a Turkish car rental company to Tiktak, according to sources familiar with the negotiations. Neither Mubadala nor Tiktak have publicly commented on the potential deal.
Mubadala holds controlling interests in multiple units of the Bring group, including Bring Market, Bring Tools, and Bring Financial. The specific ownership percentages in each subsidiary remain undisclosed.
Beyond the car rental business, Mubadala has also engaged in talks with potential buyers for its shares in Bring’s core delivery business, with U.S.-based DoorDash identified as a prospective acquirer. However, a definitive agreement has not yet been reached.
Mubadala initially invested in nearly all of Bring’s subsidiaries in 2021. Last year, the fund provided a total of $330 million in loans to the company. bring experienced rapid growth during the COVID-19 pandemic, achieving a valuation of $12 billion in 2022. Though, a subsequent decline in demand prompted the company to shutter its international operations and undergo restructuring.
