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NEWS

Delivery Hero terminates talks on potential sale of foodpanda business in Southeast Asia

(Reuters) – German food delivery company Delivery Hero said on Wednesday that the ongoing talks for the potential sale of its foodpanda business in selected markets in Southeast Asia have been terminated.

The parties could not reach final agreement on the deal terms, Delivery Hero said in a statement, without naming the parties.

Delivery Hero has been trying to divest its loss-making Southeast Asian business in a wider effort to reach profitability while maintaining growth, as investor concerns regarding the company’s cash position grow.

The selected Southeast Asian markets include Singapore, Malaysia, Philippines, Thailand, Cambodia, Myanmar and Laos.

The Berlin-based company confirmed talks on a partial sale of its Asia business last year, adding that the deal’s value was still under negotiation.

Earlier this month, The New Straits Times reported that talks with Grab on foodpanda’s sale had collapsed. However, Delivery Hero then said the negotiations for the potential sale were ongoing.

 

(Reporting by Disha Mishra and Maria Ponnezhath in Bengaluru; Editing by Shailesh Kuber)

 

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