Delivery Hero Ends Sale Talks for Foodpanda in Southeast Asia

After months of negotiations, the company decides to retain its Southeast Asian food delivery business, aiming for profitability and growth.

Delivery Hero has terminated negotiations to sell its Foodpanda business in Southeast Asia, including markets in Singapore, Malaysia, the Philippines, Thailand, Cambodia, Myanmar, and Laos.
The decision to end talks comes after months of negotiations with an undisclosed third party, amid efforts to streamline operations and achieve profitability.
Despite the termination of sale talks, Delivery Hero remains open to merger and acquisition activities that can generate shareholder value.
The company's Asia business, its largest market, showed flat revenue growth in the final quarter compared to the previous year, now operating at a break-even level.
Delivery Hero had previously sold its 4.5% stake in Deliveroo for $97 million, reflecting challenges in the food delivery sector due to food inflation and economic pressures.