Investing.com– Uber Applied sciences Inc (NYSE:) stated on Tuesday it had reached an settlement with German meals supply agency Supply Hero AG (ETR:) to take over the latter’s foodpanda enterprise in Taiwan for $950 million in money.
The deal will see foodpanda being folded into the Uber Eats platform, and is topic to regulatory approval. Uber stated it expects the deal to shut within the first half of 2025, till which Supply Hero will proceed working foodpanda.
Individually, Uber and Supply Hero additionally reached an settlement the place Uber will purchase $300 million in newly issued bizarre shares of Supply Hero.
Tuesday’s deal comes after reviews earlier this 12 months stated the 2 firms had stopped negotiations over the sale of Supply Hero’s Asian operations.
The German agency has been courting consumers for its Asian models because it strikes to streamline its operations and higher give attention to its core European market.
The deal additionally provides Uber extra headway within the meals supply enterprise, significantly in Asia, the place Uber Eats faces stiff competitors from native gamers.