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The acquisition creates significant value by combining the complementary merchant, delivery partner and consumer bases of both companies into one app.
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The deal is one of the largest international acquisitions in Taiwan in history, highlighting its attractiveness for companies and investors.
San Francisco and Berlin, May 14, 2024–(BUSINESS WIRE)–Uber Technologies (NYSE: UBER) and Delivery Hero SE (FSE: DHER) announce that Uber will acquire Delivery Hero’s Foodpanda delivery business in Taiwan for $950 million in cash. An agreement was reached on this. The acquisition of Foodpanda Taiwan is subject to regulatory approvals and other customary closing conditions, and is targeted to close in the first half of 2025. Separately, the companies have also entered into an agreement in which Uber will purchase $300 million in newly issued common stock from Delivery. Hero.
Until closure, Delivery Hero will continue to operate foodpanda Taiwan as before, and is dedicated to providing the best possible service to our customers and vendors. During the post-closure period, foodpanda’s local consumers, sellers and delivery partners will be migrated to his Uber Eats.
With its existing presence in Taiwan, Uber is well-positioned to further invest in improving the experience for consumers, merchants, and delivery partners, building on the significant local operations developed by Delivery Hero and foodpanda over the past few years. I am in a position of
Niklas Östberg, CEO and co-founder of Delivery Hero, said: “The strength of our Taiwan business is a testament to the hard work of many teams over the past eight years. Building a world-leading service requires us to focus our resources on other parts of Taiwan. With this deal, Foodpanda has an exciting runway in Taiwan and we wish them every success in their next chapter. ”
The partnership will combine Uber’s global expertise in efficient market operations with Foodpanda’s extensive service coverage across Taiwan and relationships with popular local brands. The partnership also brings the complementary merchant groups of Uber Eats and foodpanda onto an integrated platform, giving consumers a broader choice across food types and price points.
For example, consumers can benefit from combining Uber’s wide selection in northern Taiwan and metropolitan centers with foodpanda’s relative strength in southern Taiwan and smaller cities. Better service for consumers means more orders from merchants, and more orders from merchants means more opportunities for delivery partners to make money.
Pierre Dimitri Gore-Coty, Uber’s senior vice president of delivery, said: “By combining our disparate customer bases, merchant selections, and geographic locations, we are able to offer consumers more choice and the best prices, increasing demand for restaurants and increasing demand for our delivery partners. Taiwan is a competitive market, and while today’s online food delivery platforms are still only a small part of the food delivery industry, this deal will allow for more revenue opportunities in the coming years. We are excited about the opportunity to offer even greater convenience and value.”
If completed, this transaction will be one of the largest international acquisitions in Taiwan ever, outside of the semiconductor industry. Uber’s decision to significantly expand its investment in Taiwan is a concrete vote of confidence in Taiwan’s long-term attractiveness to international companies and investors.
Forward-looking statements
This press release contains forward-looking statements regarding Uber’s future business expectations that involve risks and uncertainties. Actual results may differ materially from anticipated results and reported results should not be considered as an indication of future performance. Forward-looking statements are not historical facts and include statements such as “anticipate,” “believe,” “contemplate,” “continue,” “may,” “estimate,” “anticipate,” “anticipate,” “believe,” “contemplate,” “continue,” “may,” “estimate,” “predict,” Includes all statements that can be identified by terms such as ‘desired’. , “intend”, “may”, “might”, “purpose”, “in progress”, “plan”, “could”, “predict”, “predict”, “should,” “aim,” “will,” or “would” or similar expressions and the negation of such terms. Forward-looking statements involve known and unknown risks and uncertainties that may cause Uber’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There are other factors that may cause the difference. These risks, uncertainties and other factors relate to, among other things: risks related to the pending acquisition of Foodpanda, including failure to obtain, or delays in obtaining, necessary regulatory approvals; and uncertainties, such as the potential adverse termination fees payable in connection with the failure to complete the transaction, the possibility that such approval could adversely affect Uber or the expected benefits of the proposed transaction. the risk that certain conditions will be imposed or that any conditions to consummation of the proposed transaction are not satisfied on a timely basis or at all; costs, expenses or difficulties associated with the acquisition of foodpanda; failure to realize the expected benefits and synergies of the proposed transaction within the expected time period or at all; the potential impact of the announcement, pending or completion of the proposed transaction on Uber and/or foodpanda’s relationships with its employees, distributors, suppliers, delivery partners and other business partners; the risk of litigation or regulatory action against Uber, Delivery Hero and Foodpanda; inability to retain key personnel; changes in laws or government regulations affecting Uber, Deliver Hero or foodpanda; economic, social or political conditions that may adversely affect Uber, Delivery Hero, Foodpanda or the proposed transaction; For additional information regarding other potential risks and uncertainties that could cause actual results to differ from projected results, please refer to Uber’s most recent Annual Form 10-K for the year ended December 31, 2023. View the report and subsequent quarterly and annual reports. Filed from time to time with the Securities and Exchange Commission. All information provided in this release and its attachments speaks only as of the date of this press release, and any forward-looking statements contained herein make assumptions that Uber believes to be reasonable as of the date of this press release. It is based on. You should not place undue reliance on the forward-looking statements contained in this press release, which are based on information available to Uber as of the date of this press release. Uber has no obligation to update this information except as required by law.
About Uber
Uber’s mission is to create opportunity through mobility. We started in 2010 to solve a simple problem: how to access vehicles with the push of a button. After more than 49 billion trips, we create products that bring people closer to their destinations. Uber is a platform that unlocks new possibilities in the world by changing the way people, food, and goods move.
About Delivery Hero
Delivery Hero is the world’s leading local delivery platform, operating in approximately 70 countries across Asia, Europe, Latin America, the Middle East, and Africa. The company started as his food delivery service in 2011, and now he operates his own delivery platform on four continents. Additionally, Deliver Hero is a pioneer in the next generation of e-commerce, Quick Commerce, which aims to deliver groceries and household items to customers within an hour, often within 20 to 30 minutes. Masu. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock index. For more information, please visit www.deliveryhero.com.
*Goldman Sachs & Co. LLC served as exclusive financial advisor to Uber and UniCredit Bank GmbH served as financial advisor to Delivery Hero.
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contact address
For Uber:
press@uber.com
For Delivery Hero:
press@deliveryhero.com
