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Uber to acquire Delivery Hero's Foodpanda business in Taiwan for $950m

Uber Technologies has announced the acquisition of Delivery Hero's Foodpanda delivery business in Taiwan for $950 million in cash. The deal, which is pending regulatory approval and other standard closing conditions, is expected to be finalised in the first half of 2025. Additionally, Uber will buy $300 million worth of newly issued ordinary shares of Delivery Hero. After the completion of the transaction, local consumers, merchants and delivery partners of Foodpanda will be transitioned to Uber Eats. The deal merges Uber's global marketplace proficiency with Foodpanda's presence in Taiwan and its partnerships with popular local brands. This agreement will also expand consumer options across various food categories and price ranges 'by bringing the complementary groups of merchants on Uber Eats and Foodpanda onto a combined platform,' said the company. For instance, the merger will offer consumers advantages such as Uber's extensive range in northern Taiwan and major cities, coupled with Foodpanda's strong presence in southern Taiwan and smaller urban areas. Niklas Östberg, CEO and co-founder of Delivery Hero, said: “The strength of our Taiwanese business is a testament to the hard work of many teams over the last eight years. In order to build a world-leading service, we have come to the conclusion that 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. This deal gives foodpanda an exciting runway in Taiwan and we wish them all the best in their next chapter.” Pierre-Dimitri Gore-Coty, SVP of Delivery at Uber, added: “Bringing together our distinct customer bases, merchant selections and geographic footprints will allow us to deliver more choices and the best prices for consumers, stronger demand for restaurants, and more earnings opportunities for delivery partners". "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.” Once completed, the deal would be 'one of the largest ever international acquisitions in Taiwan', excluding the semiconductor sector.

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