Uber Technologies has reached an agreement with Delivery Hero SE to acquire its foodpanda delivery business in Taiwan for a whopping US$950 million in cash. Completion Timeline: The company aims to complete this all-cash acquisition by the first half of 2025.
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Significance of the Uber deal
This deal represents one of the largest international purchases in Taiwan outside of the semiconductor sector. It’s a strategic move by the US e-hailing giant to strengthen its foothold in the competitive Taiwanese market Currently, online food delivery platforms constitute only a small part of the overall food delivery landscape in Taiwan. Both the food delivery arm of the American company and foodpanda have been in close competition in Taiwan for years.
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