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.
ENERGY ISSUES: The TSIA urged the government to increase natural gas and helium reserves to reduce the impact of the Middle East war on semiconductor supply stability Chip testing and packaging service provider ASE Technology Holding Co (日月光投控) yesterday said it planned to invest more than NT$100 billion (US$3.15 billion) in building a new advanced chip testing facility in Kaohsiung to keep up with customer demand driven by the artificial intelligence (AI) boom. That would be included in the company’s capital expenditure budget next year, ASE said. There is also room to raise this year’s capital spending budget from a record-high US$7 billion estimated three months ago, it added. ASE would have six factories under construction this year, another record-breaking number, ASE chief operating officer Tien Wu
The EU and US are nearing an agreement to coordinate on producing and securing critical minerals, part of a push to break reliance on Chinese supplies. The potential deal would create incentives, such as minimum prices, that could advantage non-Chinese suppliers, according to a draft of an “action plan” seen by Bloomberg. The EU and US would also cooperate on standards, investments and joint projects, as well as coordinate on any supply disruptions by countries like China. The two sides are additionally seeking other “like-minded partners” to join a multicountry accord to help create these new critical mineral supply chains, which feed into
For weeks now, the global tech industry has been waiting for a major artificial intelligence (AI) launch from DeepSeek (深度求索), seen as a benchmark for China’s progress in the fast-moving field. More than a year has passed since the start-up put Chinese AI on the map in early last year with a low-cost chatbot that performed at a similar level to US rivals. However, despite reports and rumors about its imminent release, DeepSeek’s next-generation “V4” model is nowhere in sight. Speculation is also swirling over the geopolitical implications of which computer chips were chosen to train and power the new
TECH WINNERS: Taiwan and South Korea reported robust trade, which suggests that they have critical advantages in the rapidly expanding AI supply chain, an official said Exports last month surged to a new high, as booming demand tied to artificial intelligence (AI) infrastructure fueled shipments of advanced technology components, underscoring the nation’s pivotal role in the global semiconductor supply chain. Outbound shipments climbed to US$80.18 billion, the highest ever for a single month, rising 61.8 percent from a year earlier and marking the 29th consecutive month of growth, the Ministry of Finance said yesterday. “The surge was driven primarily by global investment in AI infrastructure,” Department of Statistics Director-General Beatrice Tsai (蔡美娜) said. The mass production of next-generation AI computing systems has accelerated procurement across the semiconductor supply
RSS