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

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.

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