Uber to buy Delivery Hero’s Foodpanda business in Taiwan for US$950 million

Uber, whose meal-delivery business outperformed globally during the most recent quarter, aims to complete the all-cash deal by the first half of 2025

The deal, unveiled on Tuesday, marks one of the biggest takeovers in Taiwan outside the semiconductor industry

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Published: 2:25pm, 14 May 2024

Uber Technologies is acquiring Delivery Hero’s Foodpanda business in Taiwan for US$950 million, shoring up its control of a key Asian market as it seeks to expand in the region.

Uber, whose meal-delivery business outperformed globally during the most recent quarter, aims to complete the all-cash deal by the first half of 2025.

The deal, unveiled on Tuesday, marks one of the biggest takeovers in Taiwan outside the semiconductor industry. Uber aims to combine the two food-delivery businesses under its UberEats brand, and separately agreed to purchase US$300 million of newly issued Delivery Hero stock.

Foodpanda generated a gross merchandise value of about €1.6 billion (US$1.7 billion) and broke even on an adjusted basis over the 12 months ended March, the companies said in their statement.

UberEats and Foodpanda delivery riders at a street crossing in Taiwan. Photo: Shutterstock

The acquisition also marks a retreat for Delivery Hero from Asia. Both parties stressed the takeover was contingent on regulatory approval – a potential wrinkle given Uber and Delivery Hero are now the two dominant players in the island.

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