Uber Eats Acquires Delivery Hero's foodpanda Delivery Business in Taiwan For $950M In Cash; Companies Have Also Entered Into An Agreement For Uber To Purchase $300M In Newly Issued Ordinary Shares Of Delivery Hero
Portfolio Pulse from Benzinga Newsdesk
Uber Technologies, Inc. acquires Delivery Hero's foodpanda delivery business in Taiwan for $950M in cash, and will also purchase $300M in newly issued ordinary shares of Delivery Hero. This strategic acquisition aims to consolidate their merchant, delivery partner, and consumer bases into a single app, marking one of the largest-ever international acquisitions in Taiwan. The deal, subject to regulatory approval, is expected to close in the first half of 2025.
May 14, 2024 | 3:15 am
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Uber's acquisition of foodpanda Taiwan for $950M and investment in Delivery Hero could significantly enhance its market presence in Taiwan, potentially leading to increased revenue streams and market share in the Asian delivery market.
The acquisition is a strategic expansion for Uber, aiming to consolidate its services and expand its footprint in the Asian market. The significant investment and the potential for market consolidation in Taiwan could positively impact Uber's stock in the short term, as investors may view this as a strong move to capture a larger share of the delivery market.
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