Dec 25, 2024 - Business

Taiwan regulators block Uber's $950 million Foodpanda deal

Dan Primack

FoodPanda sign in Taiwan — Photo: Lam Yik Fei/Bloomberg via Getty Images

Taiwanese antitrust regulators on Wednesday blocked Uber from buying the Taiwan unit of Foodpanda from Delivery Hero for $950 million in cash.

Why it matters: This would have been one of the largest foreign acquisitions ever of a Taiwanese company outside of the semiconductor sector.

Catch up quick: Uber and Delivery Hero announced the deal in May, saying that it would result in "foodpanda's local consumers, merchants, and delivery partners will be transitioned to Uber Eats."

Zoom in: Taiwan's Fair Trade Commission said that the merger would have resulted in Uber having more than a 90% market share, which it views as anticompetitive.

Organized labor also had opposed the proposed deal.

Look ahead: Uber now must decide whether to appeal the FTC's decision or move on.

Neither it nor Delivery Hero has yet publicly commented on the news.

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Taiwan regulators block Uber's $950 million Foodpanda deal

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