Uber Technologies, Inc. announced plans to acquire Delivery Hero’s foodpanda delivery business in Taiwan for $950 million in cash.
“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,” says Pierre-Dimitri Gore-Coty, SVP of delivery at Uber.
“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,” says Niklas Östberg, CEO and co-founder of Delivery Hero.
Key takeaways:
- Until closing, Delivery Hero is dedicated to continue operating foodpanda Taiwan as before. In the period following closing, foodpanda’s local consumers, merchants, and delivery partners will be transitioned to Uber Eats.
- The deal will combine Uber’s global expertise in operating a high-efficiency marketplace with foodpanda’s extensive coverage across Taiwan and its relationships with beloved local brands. The deal will also give consumers greater choice across food types and price points by bringing the complementary groups of merchants on Uber Eats and foodpanda onto a combined platform.
- Once completed, this deal would be one of the largest international acquisitions in Taiwan, outside of the semiconductor industry.
