Uber to buy Delivery Hero's foodpanda business in Taiwan for $950 million

  • 📰 SaltWire Network
  • ⏱ Reading Time:
  • 82 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 36%
  • Publisher: 63%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Explore stories from Atlantic Canada.

Pro-Palestinian encampment at Dalhousie University - May 13, 2024 | SaltWire #news #halifax #protest -Ride-hailing company Uber will acquire Delivery Hero's foodpanda branded takeaway business in Taiwan for $950 million in cash, the companies said on Tuesday.

The deal comes as Germany's Delivery Hero has been trying to divest some of its overseas businesses to improve profitability, as investor concerns regarding the company's cash position grow."We need to focus our resources on other parts of our global footprint, where we feel we can have the largest impact for customers, vendors and riders," Niklas Ostberg, CEO and co-founder of Delivery Hero, said in a joint statement.

The company had been also looking to sell its foodpanda business in selected Southeast Asian markets as part of its restructuring. It said in February that it had terminated talks for the potential sale of those operations. As part of the deal with Delivery Hero, the U.S. firm has also agreed to purchase $300 million in newly issued shares of Delivery Hero at 33 euros each and own around 2.98% of the company, the companies said.While online food delivery platforms represent a small fraction of Taiwan's competitive food delivery market, the foodpanda operations in the island were break-even in terms of adjusted core earnings in the last 12 months ended March 31, the companies said.

It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home. Our 100 journalists strive to inform and improve our East Coast communities by delivering impartial, high-impact, local journalism that provokes thought and action. Please consider joining us in this mission by becoming a member of the SaltWire Network and helping to make our communities better.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 45. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Uber Eats to Buy Foodpanda Taiwan Business From Delivery HeroUber Technologies Inc. is buying Delivery Hero SE’s Foodpanda business in Taiwan for $950 million.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Uber to buy Delivery Hero's foodpanda business in Taiwan for $950 millionGermany's Delivery Hero plans to additionally issue 8.42 million new ordinary registered shares which Uber has agreed to purchase for $300 million, the two...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »