Delivery Hero ends talks to sell Foodpanda in South-East Asia; German firm remains owner in Asean

VIENTIANE (Laotian Times): Following months of negotiations, Berlin-based multinational online food ordering and delivery company Delivery Hero has ended talks of the potential sale of its South-East Asian market with an undisclosed third party.

The company first confirmed it was in negotiations to sell the Foodpanda brand in Laos, Thailand, Singapore, Cambodia, Malaysia, Myanmar, and the Philippines in September.

During the same period, German business magazine Wirtschaftswoche speculated that Grab, the Singapore-based online taxi and food delivery business, would acquire Foodpanda for more than EUR 1 Billion (USD 1,065,270,000).

However, in a press release on 21 February, the company stated that it has terminated discussions with the main negotiating counterpart regarding a potential sale.

“We believe the region remains strongly positioned to drive profitable growth at scale. The decision to terminate negotiations after months of discussions was taken after careful consideration,” Niklas Östberg, CEO and Co-Founder of Delivery Hero stated.

Delivery Hero’s business in Asia, its largest market, started to stagnate in 2023 following a meteoric rise in 2020 as Covid restrictions hindered people’s ability to roam freely. According to the company’s fourth quarter 2023 trading update, the Asia and Pacific region growth has started to recover after a profit push in Q4 2023, with the company now “operating on break-even level.”

Nonetheless, Delivery Hero still remains open to mergers and acquisitions and will continue to assess potential strategic alternatives. With the company stating it will only “proceed with negotiations where it can create value for shareholders with high certainty of closing.”

In January, Delivery Hero sold its 4.5 percent stake in rival online food delivery group Deliveroo. - Laotian Times

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Foodpanda , Sale , Asean , Not , Delivery Honda , Still Ownwrs


Next In Aseanplus News

Vietnamese worker reportedly murdered in Taiwan
Missing: Singaporean architect who travelled to Spain alone uncontactable since April 10
Fahmi: Zahid’s affidavit on royal addendum for Najib's house arrest not discussed by Cabinet
Asean programme promotes digital literacy to various groups in region
Single mother is first woman to be whipped for 'khalwat' in T'ganu
China’s thirsty data centres, AI industry could use more water than size of South Korea’s population by 2030, report warns
Thailand, N. Zealand ink MoUs on education, aviation cooperation
Younger Singaporeans financially prudent, but some buy things to be happy: IPS poll
Road accidents kill 37 people during Cambodian New Year holiday
Pop star Jackson Wang makes surprise appearance at Coachella, duets with K-singer Bibi

Others Also Read