Uber Technologies Acquires Foodpanda Business in Taiwan and Minority Stake in Delivery Hero

On May 14, 2024, Delivery Hero SE announced the sale of its foodpanda business in Taiwan to Uber Technologies, Inc. This transaction, valued at USD 950 million, includes the transfer of subsidiaries DH Stores (Taiwan) Co., Ltd. and Foodpanda Taiwan Co., Ltd. Scheduled for completion in the first half of 2025, the deal is contingent on regulatory approvals and customary closing conditions.

In addition to the business sale, Uber's subsidiary, SMB Holding Corporation, will purchase new shares issued by Delivery Hero. This capital increase of EUR 278 million will enhance Delivery Hero’s capital structure and support the buyback of convertible bonds. The newly issued shares, totaling 8,421,818, are priced at EUR 33.00 each, comprising about 2.98% of Delivery Hero’s post-capital increase share capital. These shares will be locked up for a period of 45 days.

Foodpanda's operations in Taiwan have recently reported a gross merchandise value (GMV) of EUR 1.6 billion and have achieved a breakeven adjusted EBITDA, based on the last twelve months ending March 31, 2024. These figures reflect the business's substantial scale and efficiency in the region prior to its acquisition.