
Ride-hailing giant Uber said Tuesday it has reached a deal with Delivery Hero SE to buy its Foodpanda delivery business in Taiwan for US$950 million.聽
The US giant aims to complete the all-cash acquisition of Foodpanda Taiwan by the first half of 2025, it said in a statement.
The deal, subject to regulatory approval, would be one of the largest ever international purchases in Taiwan outside of the semiconductor sector, San Francisco-based Uber said.
鈥楾aiwan is a fiercely competitive market, where online food delivery platforms today still represent just a small part of the food delivery landscape,鈥� said Pierre-Dimitri Gore-Coty, senior vice president of delivery at Uber.
鈥榃e鈥檙e so excited about the opportunity to deliver even greater convenience and value that this transaction would unlock in the years ahead.鈥�
Uber described the deal as 鈥榓 vote of confidence鈥� in the island鈥檚 long-term appeal to international businesses and investors.
Uber last year reported a forecast-beating 17 per cent increase in sales to US$37.3 billion, thanks to the growing popularity of its food delivery services.
In Taiwan, UberEats 鈥� the ride-hailing company鈥檚 food delivery arm 鈥� and Foodpanda have been聽in close聽competition in the island鈥檚 market for years.
Niklas Ostberg, Delivery Hero鈥檚 CEO and co-founder, said the company had decided to concentrate its resources on other markets where it 鈥榗an have the largest impact for customers, vendors and riders鈥�.
鈥楾his deal gives Foodpanda an exciting runway in Taiwan and we wish them all the best in their next chapter,鈥� he said.