Delivery Hero

Uber Technologies, Inc. and Delivery Hero SE have reached an agreement for Uber to acquire Delivery Hero’s foodpanda delivery business in Taiwan for $950 million in cash.

Delivery Hero SE, Germay-based local delivery platform, has on Wednesday announced that it has terminated discussions with the main negotiating counterpart regarding a potential sale of its foodpanda business in selected Southeast Asian markets covering Singapore, Malaysia, the Philippines, Thailand, Cambodia, Myanmar and Laos.

“There are market rumours that the negotiations for the potential sale have collapsed,” Deliver Hero said in a statement, according to the report. “We confirm that the negotiations for the potential sale are ongoing.”

The global wave of layoffs hitting US tech companies like Meta, Amazon, and Twitter has also come to Southeast Asia amid a slowdown in fundraising activities for tech startups. Tech companies including venture capital-backed startups in Southeast Asia have also announced layoffs and austerity measures to cope with the uncertain macroeconomic situation.

Meituan has held talks with Delivery Hero about buying Southeast Asian operations that run under the Foodpanda brand, the people said.

Delivery Hero plans to sell its activities under the foodpanda brand in Singapore, Cambodia, Laos, Malaysia, Myanmar, the Philippines and Thailand.

Delivery Hero SE, the Germany-based local delivery platform, has announced plans to scale down its German operations, foodpanda Germany, to a Berlin-based hub focused on developing innovative logistics and tech solutions for the delivery industry. The company also announced a timeline for the planned divestiture of its Japanese entity which also operates…

Foodpanda Malaysia’s statement came after local media reported that several vendors on the platform have called for protests against ‘hidden’ or promotion charges which caused them to incur losses.