MOZCO Mateusz Szymanski/iStock Editorial via Getty Images
Food delivery platform Uber Eats, part of Uber Technologies (NYSE:UBER) will acquire Delivery Hero’s foodpanda business in Taiwan for $950M cash.
The acquisition adds value by combining their merchants, delivery partners, and customer bases into a single app.
Uber’s (UBER) worldwide experience running a marketplace will be combined with foodpanda’s broad reach throughout Taiwan and its connections to local brands in this arrangement. The combination will offer customers greater choice across food types and price points.
Delivery Hero’s foodpanda business will continue operations as usual until closure of the acquisition. Following which, local customers, merchants, and delivery partners of foodpanda will switch to Uber Eats.
“Taiwan is a fiercely competitive market, where online food delivery platforms today still represent just a small part of the food delivery landscape. We’re so excited about the opportunity to deliver even greater convenience and value that this transaction would unlock in the years ahead.” Pierre-Dimitri Gore-Coty, senior VP of Delivery at Uber said.
Once completed, this deal would be one of the largest international acquisitions in Taiwan, outside the semiconductor industry.
The transaction closing is expected in the first half of 2025.
Separately, the two companies entered into an agreement for Uber (UBER) to buy $300M in newly issued ordinary shares of Delivery Hero.
