Uber Eats to acquire Delivery Hero's foodpanda delivery business in Taiwan

EQS-News: Delivery Hero SE / Key word(s): Mergers & Acquisitions/Disposal
Uber Eats to acquire Delivery Hero's foodpanda delivery business in Taiwan

14.05.2024 / 05:02 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Uber Eats to acquire Delivery Hero's foodpanda delivery business in Taiwan

  * Acquisition brings together the companies' complementary merchant,
    delivery partner, and consumer bases into a single app, creating
    significant value

  * Deal is one of the largest-ever international acquisitions in Taiwan,
    highlighting its attractiveness for companies and investors

May 14, 2024, SAN FRANCISCO and BERLIN - Uber Technologies, Inc. (NYSE:
UBER) and Delivery Hero SE (FSE: DHER) have reached an agreement for Uber to
acquire Delivery Hero's foodpanda delivery business in Taiwan for $950
million in cash. The acquisition of foodpanda Taiwan is subject to
regulatory approval and other customary closing conditions and is targeted
to close in the first half of 2025. Separately, the companies have also
entered into an agreement for Uber to purchase $300 million in newly issued
ordinary shares of Delivery Hero.

Until closing, Delivery Hero is dedicated to continue operating foodpanda
Taiwan as before, offering the best possible service for its customers and
vendors. In the period following closing, foodpanda's local consumers,
merchants, and delivery partners will be transitioned to Uber Eats.

Due to its existing presence in Taiwan, Uber is best placed to build upon
the significant local operations developed by Delivery Hero and foodpanda
over the past years, and invest further into an improved experience for
consumers, merchants, and delivery partners.

Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: 'The strength of
our Taiwanese business is a testament to the hard work of many teams over
the last eight years. In order to build a world-leading service, we have
come to the conclusion that we need to focus our resources on other parts of
our global footprint, where we feel we can have the largest impact for
customers, vendors and riders. This deal gives foodpanda an exciting runway
in Taiwan and we wish them all the best in their next chapter.'

The deal will combine Uber's global expertise in operating a high-efficiency
marketplace with foodpanda's extensive coverage across Taiwan and its
relationships with beloved local brands. The deal will also give consumers
greater choice across food types and price points by bringing the
complementary groups of merchants on Uber Eats and foodpanda onto a combined
platform.

For example, consumers stand to benefit from the combination of Uber's wider
selection across northern Taiwan and in major urban centers with foodpanda's
comparative strength in southern Taiwan and in smaller cities. Better
service for consumers helps drive more orders from merchants, and more
orders from merchants means more opportunities for delivery partners to
earn.

Pierre-Dimitri Gore-Coty, Senior Vice President of Delivery at Uber, said:
'Bringing together our distinct customer bases, merchant selections, and
geographic footprints will allow us to deliver more choices and the best
prices for consumers, stronger demand for restaurants, and more earnings
opportunities for delivery partners. Taiwan is a fiercely competitive
market, where online food delivery platforms today still represent just a
small part of the food delivery landscape. We're so excited about the
opportunity to deliver even greater convenience and value that this
transaction would unlock in the years ahead.'

Once completed, this deal would be one of the largest ever international
acquisitions in Taiwan, outside of the semiconductor industry. Uber's
decision to commit to this considerable increase in its Taiwan investment is
a concrete vote of confidence in the continued long-term attractiveness of
Taiwan for international companies and investors.

###

Forward-Looking Statements

This press release contains forward-looking statements regarding Uber's
future business expectations which involve risks and uncertainties. Actual
results may differ materially from the results predicted, and reported
results should not be considered as an indication of future performance.
Forward-looking statements include all statements that are not historical
facts and can be identified by terms such as 'anticipate,' 'believe,'
'contemplate,' 'continue,' 'could,' 'estimate,' 'expect,' 'hope,' 'intend,'
'may,' 'might,' 'objective,' 'ongoing,' 'plan,' 'potential,' 'predict,'
'project,' 'should,' 'target,' 'will,' or 'would' or similar expressions and
the negatives of those terms. Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause Uber's actual
results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking statements. These risks, uncertainties and other factors
relate to, among others: risks and uncertainties related to the pending
acquisition of foodpanda, including the failure to obtain, or delays in
obtaining, required regulatory approvals, any reverse termination fee that
may be payable in connection with any failure to close the transaction, the
risk that such approvals may result in the imposition of conditions that
could adversely affect Uber or the expected benefits of the proposed
transaction, or the failure to satisfy any of the closing conditions to the
proposed transaction on a timely basis or at all; costs, expenses or
difficulties related to the acquisition of foodpanda; failure to realize the
expected benefits and synergies of the proposed transaction in the expected
timeframes or at all; the potential impact of the announcement, pendency or
consummation of the proposed transaction on relationships with Uber's and/or
foodpanda's employees, merchants, suppliers, delivery partners and other
business partners; the risk of litigation or regulatory actions to Uber,
Delivery Hero and/or foodpanda; inability to retain key personnel; changes
in legislation or government regulations affecting Uber, Delivery Hero or
foodpanda; and economic financial, social or political conditions that could
adversely affect Uber, Delivery Hero, foodpanda or the proposed transaction.
For additional information on other potential risks and uncertainties that
could cause actual results to differ from the results predicted, please see
Uber's most recent annual report on Form 10-K for the year ended December
31, 2023 and subsequent quarterly reports, annual reports and other filings
filed with the Securities and Exchange Commission from time to time. All
information provided in this release and in the attachments is as of the
date of this press release and any forward-looking statements contained
herein are based on assumptions that Uber believes to be reasonable as of
this date. Undue reliance should not be placed on the forward-looking
statements in this press release, which are based on information available
to Uber on the date hereof. Uber undertakes no duty to update this
information unless required by law.

Contacts

For Uber: For Delivery Hero:

press@uber.com press@deliveryhero.com
About Uber
Uber's mission is to create opportunity through movement. We started in 2010
to solve a simple problem: how do you get access to a ride at the touch of a
button? More than 49 billion trips later, we're building products to get
people closer to where they want to be. By changing how people, food, and
things move through cities, Uber is a platform that opens up the world to
new possibilities.

About Delivery Hero
Delivery Hero is the world's leading local delivery platform, operating its
service in around 70 countries across Asia, Europe, Latin America, the
Middle East and Africa. The Company started as a food delivery service in
2011 and today runs its own delivery platform on four continents.
Additionally, Delivery Hero is pioneering quick commerce, the next
generation of e-commerce, aiming to bring groceries and household goods to
customers in under one hour and often in 20 to 30 minutes. Headquartered in
Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock
Exchange since 2017 and is part of the MDAX stock market index. For more
information, please visit www.deliveryhero.com

*Goldman Sachs & Co. LLC acted as exclusive financial advisor to Uber and
UniCredit Bank GmbH acted as financial advisor to Delivery Hero.


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14.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   Language:       English
   Company:        Delivery Hero SE
                   Oranienburger Straße 70
                   10117 Berlin
                   Germany
   Phone:          +49 (0)30 5444 59 105
   Fax:            +49 (0)30 5444 59 024
   E-mail:         ir@deliveryhero.com
   Internet:       www.deliveryhero.com
   ISIN:           DE000A2E4K43
   WKN:            A2E4K4
   Indices:        MDAX
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Hamburg, Hanover, Munich, Stuttgart, Tradegate
                   Exchange; London, OTC QB, OTC QX, SIX, Vienna Stock
                   Exchange
   EQS News ID:    1902029

End of News EQS News Service
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1902029 14.05.2024 CET/CEST