News Formal

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

  • 📰 CNBC
  • ⏱ Reading Time:
  • 30 sec. here
  • 9 min. at publisher
  • 📊 Quality Score:
  • News: 39%
  • Publisher: 72%

Food And Drink News

Asia Economy,Technology,Breaking News: Technology

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

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."

 

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

 /  🏆 12. in US

United States United States Latest News, United States United States Headlines

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

Uber to buy Delivery Hero’s Taiwan business for $950 mlnUber to buy Delivery Hero’s Taiwan business for $950 mln
Source: Investingcom - 🏆 450. / 53 Read more »