Delivery Hero Ends Talks to Sell Foodpanda in Southeast Asia

Following months of negotiations, Berlin-based multinational on-line meals ordering and supply firm Supply Hero has ended talks of the potential sale of its Southeast Asian market with an undisclosed third celebration.

The corporate first confirmed it was in negotiations to promote the Foodpanda model in Laos, Thailand, Singapore, Cambodia, Malaysia, Myanmar, and the Philippines in September.

Throughout the identical interval, German enterprise journal Wirtschaftswoche speculated that Seize, the Singapore-based on-line taxi and meals supply enterprise, would purchase Foodpanda for greater than EUR 1 Billion (USD 1,065,270,000).

Nonetheless, in a press launch on 21 February, the corporate acknowledged that it has terminated discussions with the principle negotiating counterpart relating to a possible sale.

“We imagine the area stays strongly positioned to drive worthwhile development at scale. The choice to terminate negotiations after months of discussions was taken after cautious consideration,” Niklas Östberg, CEO and Co-Founding father of Supply Hero acknowledged.

Supply Hero’s enterprise in Asia, its largest market, began to stagnate in 2023 following a meteoric rise in 2020 as Covid restrictions hindered folks’s potential to roam freely. Based on the corporate’s fourth quarter 2023 buying and selling replacethe Asia and Pacific area development has began to get better after a revenue push in This autumn 2023, with the corporate now “working on break-even degree.”

Nonetheless, Supply Hero nonetheless stays open to mergers and acquisitions and can proceed to evaluate potential strategic alternate options. With the corporate stating it is going to solely “proceed with negotiations the place it could create worth for shareholders with excessive certainty of closing.”

In January, Supply Hero offered its 4.5 p.c stake in rival on-line meals supply group Deliveroo.