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Uber is acquiring Delivery Hero’s delivery business in Taiwan, foodpanda, for $950 million in cash — one of the largest international acquisitions ever struck in Taiwan, the companies said Monday.
The deal will combine Uber Eats’ and foodpanda Taiwan’s merchants, delivery partners, and consumers into one app. It’s expected to close in the first half of 2025 after regulatory approval and other closing conditions, the companies said. After the acquisition closes, foodpanda’s local business will transition to Uber Eats. Consumers will have a wider selection of food and price points through the deal, the companies said, adding that customers will benefit from Uber Eats’ wide selection of merchants across northern Taiwan and major urban areas, and foodpanda’s offerings in southern Taiwan and across smaller cities.
In Taiwan, foodpanda holds a larger share of the food delivery market than UberEats, according to data from Measurable AI.
“The strength of our Taiwanese business is a testament to the hard work of many teams over the last eight years,” Niklas Östberg, chief executive and co-founder of Delivery Hero, said in a statement. “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.”
After the deal is completed, it will be one of Taiwan’s largest international acquisitions beyond the semiconductor industry, the companies said.
“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,” Pierre-Dimitri Gore-Coty, senior vice president of delivery at Uber, said in a statement. “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.”
The companies have a separate agreement for Uber to purchase newly issued ordinary shares of Delivery Hero worth $300 million.