Uber has terminated its NT$31.28 billion ($950 million) bid to acquire Delivery Hero’s Foodpanda business in Taiwan, citing regulatory hurdles.
Delivery Hero confirmed the decision on Tuesday after Taiwan’s Fair Trade Commission (FTC) blocked the deal in December over anti-competitive concerns.
The FTC argued that Uber’s acquisition of Foodpanda, its main competitor in Taiwan, would raise the combined market share to 90%, potentially leading to higher prices. Uber has decided not to appeal the ruling and will pay a deal termination fee of approximately $250 million.
Uber and Delivery Hero initially announced the agreement in May 2024, which also included Uber’s commitment to purchase $300 million in newly issued shares of the German food delivery firm. Delivery Hero stated that the termination of the acquisition would not affect the share-purchase agreement.
Food delivery platforms in Asia have recovered from a post-pandemic slowdown but continue to face competition and cost pressures. Uber, which operates Uber Eats, has been seeking to expand its quick-commerce operations by leveraging Foodpanda’s network.
