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Uber and Delivery Hero have reached an agreement on the sale of delivery company Foodpanda in Taiwan. Uber is counting $950 million in cash for it.

Uber will further buy 300 million in newly issued common shares of Delivery Hero.

This is one of the largest international acquisitions ever in Taiwan.

Foodpanda will thus continue to operate independently in countries outside Taiwan. The company operates in at least 11 Asian countries including Malaysia, Indonesia, the Philippines and Thailand.

The acquisition of foodpanda Taiwan is subject to regulatory approval and is expected to be completed in the first half of 2025.

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