Miguel Cordon · · 1 min readDelivery Hero mulls sale of Foodpanda, Grab emerges as suitor
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Delivery Hero is considering selling part of its Southeast Asian operations, including the Foodpanda brand, in several countries as growth in the region stagnates, the company confirmed to Bloomberg.
The firm said that the deal would include the food delivery platform’s operations in Singapore, Malaysia, Thailand, Cambodia, Myanmar, Laos, and the Philippines.
“Delivery Hero confirms negotiations with several parties regarding a potential sale of its foodpanda business in selected Southeast Asia markets,” it said in a statement. “Any discussions or plans are in their preliminary stages.”
Grab is reportedly one of Foodpanda’s prospective buyers, in a potential US$1.1 billion deal, according to Wirtschaftswoche, which first reported the news.
The move comes as Delivery Hero shifts its focus to profitability.
In February this year, Foodpanda slashed an undisclosed number from its workforce, citing the challenging macroeconomic environment.
See also: Line Man Wongnai looks beyond food delivery in quest to become the GoTo of Thailand
Editing by Jaclyn Tiu
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