Grab Holdings Ltd, a leading app developer in Southeast Asia, yesterday said that it has agreed to acquire Delivery Hero’s Foodpanda delivery business in Taiwan for US$600 million in cash.
Grab said in a statement the acquisition is subject to regulatory approval and scheduled to be completed in the second half of this year.
The deal would help the Singapore-headquartered Grab extend its reach to a ninth market, its first outside Southeast Asia, the company said.
Photo: Bloomberg
“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 whom 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 on the grounds that it would restrict competition in Taiwan.
STRONG INTEREST: Analysts have pointed to optimism in TSMC’s growth prospects in the artificial intelligence era as the cause of the rising number of shareholders The number of people holding shares of chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) hit a new high last week despite a decline in its stock price, the Taiwan Depository and Clearing Corp (TDCC, 台灣集保) said. The number of TSMC shareholders rose to 2.46 million as of Friday, up 75,536 from a week earlier, TDCC data showed. The stock price fell 1.34 percent during the same week to close at NT$1,840 (US$57.55). The decline in TSMC’s share price resulted from volatility in global tech stocks, driven by rising international crude oil prices as the war against Iran continues. Dealers said
PRICE HIKES: The war in the Middle East would not significantly disrupt supply in the short term, but semiconductor companies are facing price surges for materials Taiwan’s semiconductor companies are not facing imminent supply disruptions of essential chemicals or raw materials due to the war in the Middle East, but surges in material costs loom large, industry association SEMI Taiwan said yesterday. The association’s comments came amid growing concerns that supplies of helium and other key raw materials used in semiconductor production could become a choke point after Qatar shut down its liquefied natural gas (LNG) production and helium output earlier this month due to the conflict. Qatar is the second-largest LNG supplier in the world and accounts for about 33 percent of global helium output. Helium is
DOMESTIC COMPONENT: Huang identified several Taiwanese partners to be a key part of Nvidia’s Vera Rubin supply chain, including Asustek, Hon Hai and Wistron Nvidia Corp chief executive officer Jensen Huang (黃仁勳), addressing crowds at the company’s biggest annual event, unveiled a variety of new products while predicting that its flagship artificial intelligence (AI) processors would help generate US$1 trillion in sales through next year. During a two-and-a-half-hour keynote address, Huang announced plans to push deeper into central processing units (CPUs) — Intel Corp’s home turf — and introduced semiconductors made with technology acquired from start-up Groq Inc. The company even said it was developing chips for data centers in outer space. At the heart of Huang’s speech was the message that demand for computing power
China is clamping down on fertilizer exports to protect its domestic market, industry sources said, putting an additional strain on global markets that were already grappling with shortages caused by the US-Israeli war on Iran. China is among the largest fertilizer exporters — shipping more than US$13 billion of it last year — and it has a history of controlling exports to keep prices low for farmers. Shipments through the war-blocked Strait of Hormuz account for about one-third of the sea-borne supply. This month, Beijing banned exports of nitrogen-potassium fertilizer blends and certain phosphate varieties, sources said. The ban, which has not
RSS