Uber announced on Tuesday a $1.25 billion deal to acquire Delivery Hero’s foodpanda business in Taiwan and purchase new shares in the German firm. This strategic move aims to enhance the liquidity of Delivery Hero, which is facing increasing competition in the Asian market.
Asia has become Delivery Hero’s largest market following its $4 billion acquisition in South Korea in 2019. However, the company has been seeking to divest some of its regional assets to improve profitability.
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Despite the rebound of food delivery services in Asia after the pandemic boom, many companies are now struggling with thin margins. Heavy spending on discounts and promotions to retain cost-conscious consumers amid rising inflation and living costs has pressured profitability.
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