Grab Holdings Ltd, a leading super app in Southeast Asia, today said that it has agreed to acquire Delivery Hero's Foodpanda delivery business in Taiwan for US$600 million in cash.
In a statement, Grab said the acquisition deal is subject to regulatory approval and scheduled to be completed in the second half of this year.
Photo: CNA
The deal would help Singapore-headquartered Grab extend its reach to a ninth market — its first outside Southeast Asia, the company said.
"Our longstanding expertise in managing complex delivery logistics for dense and high-traffic cities is well-suited for Taiwan's bustling cities," Grab CEO and cofounder Anthony Tan (陳炳耀) said in the statement.
"Taiwan's population of approximately 23 million also has a high demand for mobile-first services, similar to the Southeast Asian consumers who Grab serves every day," Tan said. "We see a significant opportunity to grow the food and groceries delivery scene here."
Grab reiterated its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) guidance of US$700 million to US$720 million for this year.
The company said the proposed transaction is expected to contribute at least US$60 million in incremental adjusted EBITDA in 2028.
EBITDA is used as an indicator of the overall profitability of a company.
In December 2024, the Fair Trade Commission voted to block delivery platform Uber Eats' proposed acquisition of the Foodpanda business in the country on the grounds that it would restrict competition.
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