Uber terminates Foodpanda Taiwan acquisition, citing regulatory hurdles

Uber Technologies has ended its acquisition of Delivery Hero’s Foodpanda in Taiwan, the Germany-based tech firm said on Tuesday. The announcement comes roughly three months after Taiwan’s antitrust regulator blocked the deal, citing competitive issues. The Fair Trade Commission (FTC) said that if Uber acquired Foodpanda, its market share in Taiwan would increase to 90%, potentially leading to price increases by Uber. Uber Eats and Foodpanda are the top players in Taiwan’s food delivery market. In a recent report, it was found that Foodpanda enjoyed 52% market share from January 2022 to August 2023, while Uber Eats had 48%. Food delivery companies like Foodomo and many other fast-food delivery apps make up a tiny percentage of Taiwan’s market share, comparatively. Under the agreement signed on May 14, 2024, Uber is required to pay a termination fee that is estimated to be about USD $250 million. Uber and Delivery Hero did not immediately respond to a TechCrunch request for comment. ... Read full article.