Investing.com– Uber Technologies Inc (NYSE:) said on Tuesday it had reached an agreement with German food delivery firm Delivery Hero AG (ETR:) to take over the latter’s foodpanda business in Taiwan for $950 million in cash.

The deal will see foodpanda being folded into the Uber Eats platform, and is subject to regulatory approval. Uber said it expects the deal to close in the first half of 2025, until which Delivery Hero will continue operating foodpanda. 

Separately, Uber and Delivery Hero also reached an agreement where Uber will buy $300 million in newly issued ordinary shares of Delivery Hero. 

Tuesday’s deal comes after reports earlier this year said the two companies had stopped negotiations over the sale of Delivery Hero’s Asian operations.

The German firm has been courting buyers for its Asian units as it moves to streamline its operations and better focus on its core European market.

The deal also gives Uber more headway in the food delivery business, particularly in Asia, where Uber Eats faces stiff competition from local players.

 

 





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