Uber to acquire Foodpanda's Taiwan business for $950 million, creating a potential monopoly

📆 14/05/2024 08:21:00

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Uber Technologies is buying the Taiwan business of Delivery Hero-owned Foodpanda for $950 million in cash, as Foodpanda doubles down on other markets.

📆 14/05/2024 08:21:00
📰 CNBC

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The all-cash deal is expected to close in the first half of 2025, the firms said in a joint statement on Monday.

Data from insights platform Measurable AI up till August revealed that Foodpanda had a 52% market share by order volume in Taiwan, while Uber Eats held the remaining 48% share. In a separate agreement, Delivery Hero will sell $300 million in newly issued ordinary shares to Uber. Pierre-Dimitri Gore-Coty, senior vice president of delivery at Uber, said the Taiwan market is "fiercely competitive" and the acquisition would help them grow in the market "where online food delivery platforms today still represent just a small part of the food delivery landscape."

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