India, May 13 -- Uber Technologies Inc. (UBER) agreed to acquire Delivery Hero's foodpanda delivery business in Taiwan for $950 million in cash. The acquisition is targeted to close in the first half of 2025.
In the period following closing, foodpanda's local consumers, merchants, and delivery partners will be transitioned to Uber Eats, Uber Technologies said in a statement.
The acquisition of foodpanda Taiwan is subject to regulatory approval and other customary closing conditions.
Separately, the companies have also entered into an agreement for Uber to purchase $300 million in newly issued ordinary shares of Delivery Hero.
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