Business Desk 
May 14, 2024
In a major move, Uber Technologies is acquiring Foodpanda for $950 million in cash, subject to regulatory approval. The deal, expected to close in the first half of 2025, will see Uber expand its presence in the Taiwanese food delivery market, potentially creating a monopoly.
Foodpanda has a 52% market share in Taiwan, while Uber Eats has the remaining 48%. The acquisition will make Uber the dominant player in the market, with a combined market share of 100%.
Delivery Hero Co-founder and CEO Niklas Ostberg said the company needs to focus its resources on other parts of its global footprint, where it can have the greatest impact on consumers, vendors and riders.
Uber Senior Vice President Pierre-Dimitri Gore-Coty said the Taiwanese market is "fiercely competitive" and the acquisition will help Uber grow in a market where online food delivery platforms still represent a small part of the food delivery landscape.
Foodpanda is one of the largest food and grocery delivery platforms in Asia with a presence in markets including Singapore, Malaysia, Thailand, the Philippines and Hong Kong.
According to a joint statement issued in this regard, the deal would be one of the largest international acquisitions in Taiwan, outside of the semiconductor chip industry.
