Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million.
Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday.
Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said.
Photo: CNA
Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of its ordinary shares but less than 4 percent of voting rights, and does not participate in daily operations.
Uber's board representative has recused themselves from decisions related to Taiwan, Grab said.
Other major investors include Softbank Group Corp, which holds a 9.8 percent equity stake and 2.6 percent of voting rights, and Toyota Motor Corp, with a 5.4 percent equity stake and 1.4 percent of voting rights.
Grab has no known Chinese institutional investor holding a stake exceeding 5 percent, the company said.
If approved, Grab expects to complete the transaction in the second half of this year and fully integrate the platforms by the first half of next year by bringing Foodpanda users to its app.
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