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."
Asia Economy Technology Breaking News: Technology Delivery Hero SE Delivery Hero SE Uber Technologies Inc Business News
United Kingdom Latest News, United Kingdom 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
Read more »
Man issues death threats after stealing candy bar from Campbell storeDiners stick restaurant with $950 tab in separate incident.
Read more »
Landscaper returns $950 after KENS 5 got involvedA landscaping contractor promised Ester Lockhart a refund and then stopped returning her texts. Then KENS 5 got involved.
Read more »
Taiwan plays a ‘very crucial role' in AI supply chain, says Taiwan Stock Exchange CEOMuch of Taiwan’s dominance can be attributed to Taiwan Semiconductor Manufacturing Co, the world’s largest contract chipmaker.
Read more »
U.S. and Taiwan navies reportedly held secret Pacific drills in AprilThe U.S. and Taiwan navies reportedly conducted joint drills in the Pacific in April that officially did not take place, sources briefed on the matter said.
Read more »
Navies of US, Taiwan quietly held Pacific drills in April — reportDrills involving 'multiple military assets' did not officially exist and were dubbed 'unplanned sea encounters', pointing to a tacit deal in which both sides claim exercises were simply result of coincidental encounters.
Read more »