Delivery Hero, a Berlin-based multinational online food ordering and delivery company confirmed it is in talks to sell part of its Asia business on Wednesday.
According to Wirtschaftswoche Business magazine, it is being speculated that Grab, the Singapore-based online taxi and food delivery business, could acquire Foodpanda for more than EUR 1 Billion (USD 1,065,270,000).
The sale would consist of a takeover of the Foodpanda brand in Laos, Thailand, Singapore, Cambodia, Malaysia, Myanmar, and the Philippines.
If the sale were to take place, the remaining Foodpanda markets of Bangladesh, Hong Kong, Pakistan, and Taiwan would remain with Delivery Hero for the time being.
When asked by WirtschaftsWoche, a Delivery Hero spokeswoman initially said that the company does not want to comment on “market rumors”.
The Laotian Times has also reached out to Grab for their comment on the matter and is yet to hear back.
Grab’s revenue grew 77 percent year-on-year to USD 567 million in the second quarter of 2023, due to growth across its delivery, taxi, and digital finance services. The company also expects to break even on an adjusted core earnings basis in the current quarter.