In a landmark international acquisition, Uber announced on Monday that it is purchasing Delivery Hero's food delivery business in Taiwan, foodpanda, for $950 million in cash. This acquisition is set to be one of the largest international deals ever struck in Taiwan.

The transaction will consolidate Uber Eats and foodpanda Taiwan’s merchants, delivery partners, and consumers into a single app. The completion of the deal is anticipated in the first half of 2025, pending regulatory approval and other closing conditions. Post-acquisition, foodpanda’s local operations will transition to the Uber Eats platform. The combined service aims to offer consumers a broader selection of food and price points. Uber Eats will leverage its extensive network of merchants in northern Taiwan and major urban areas, while integrating foodpanda’s strong presence in southern Taiwan and smaller cities.

Foodpanda currently holds a larger share of the food delivery market in Taiwan compared to Uber Eats, according to data from Measurable AI. The merger is expected to provide a more comprehensive service for consumers, restaurants, and delivery partners.

Niklas Östberg, chief executive and co-founder of Delivery Hero, commented on the sale, saying, “The strength of our Taiwanese business is a testament to the hard work of many teams over the last eight years. In order to build a world-leading service, we have come to the conclusion that we need to focus our resources on other parts of our global footprint, where we feel we can have the largest impact for customers, vendors, and riders. This deal gives foodpanda an exciting runway in Taiwan, and we wish them all the best in their next chapter.”

This acquisition will be one of Taiwan's largest international deals outside the semiconductor industry. Pierre-Dimitri Gore-Coty, senior vice president of delivery at Uber, highlighted the benefits of the merger, stating, “Bringing together our distinct customer bases, merchant selections, and geographic footprints will allow us to deliver more choices and the best prices for consumers, stronger demand for restaurants, and more earnings opportunities for delivery partners. Taiwan is a fiercely competitive market, where online food delivery platforms today still represent just a small part of the food delivery landscape. We’re so excited about the opportunity to deliver even greater convenience and value that this transaction would unlock in the years ahead.”

In addition to the acquisition, Uber has a separate agreement to purchase newly issued ordinary shares of Delivery Hero worth $300 million.

This strategic move underscores Uber’s commitment to expanding its footprint in the competitive Taiwanese market and enhancing its service offerings to better meet the needs of consumers, merchants, and delivery partners across the region.