The company that owns foodpanda is reportedly in talks to sell off the Asian side of its food delivery service business to Grab. German multi-national online food ordering and food delivery company Delivery Hero has confirmed it is discussing the sale of its Asian operations, with the deal’s value still under negotiation, Reuters reports.
The Berlin-based company said via a statement it is in negotiations to sell the foodpanda brand in Singapore, Malaysia, Philippines, Thailand, Cambodia, Myanmar and Laos. The negotiations are at an early stage and there was no certainty that it would lead to a deal, it added.
The news of the sale was first reported by German business magazine Wirtschaftswoche, which said that Grab, which previously took over Uber’s ASEAN operations, could pay a little more than one billion euros (RM4.98 billion) for the foodpanda Asian unit.
While the Asia business is Delivery Hero’s largest revenue driver, growth has dropped since pandemic lockdowns eased, and the company is looking to focus on profitability following years of heavy investment. The news agency added that Grab did not immediately reply to an emailed request for comment.
The post Grab in talks to buy foodpanda Asia for RM5 billion appeared first on Paul Tan's Automotive News.
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