(Reuters) – German food delivery company Delivery Hero said on Wednesday that the ongoing talks for the potential sale of its foodpanda business in selected markets in Southeast Asia have been terminated.
The parties could not reach final agreement on the deal terms, Delivery Hero said in a statement, without naming the parties.
Delivery Hero has been trying to divest its loss-making Southeast Asian business in a wider effort to reach profitability while maintaining growth, as investor concerns regarding the company’s cash position grow.
The selected Southeast Asian markets include Singapore, Malaysia, Philippines, Thailand, Cambodia, Myanmar and Laos.
The Berlin-based company confirmed talks on a partial sale of its Asia business last year, adding that the deal’s value was still under negotiation.
Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!
By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.
Earlier this month, The New Straits Times reported that talks with Grab on foodpanda’s sale had collapsed. However, Delivery Hero then said the negotiations for the potential sale were ongoing.
(Reporting by Disha Mishra and Maria Ponnezhath in Bengaluru; Editing by Shailesh Kuber)
