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German delivery firm to sell its Asia arm Food Panda to rival Grab
German food delivery firm Delivery Hero is in talks with rival Grab to sell them its Asian delivery branch Food Panda, it emerged on Thursday.
New York-listed Grab, which is based in Singapore, will pay around one billion euros (1.07 billion USD) for the unit, which is known for its bright pink costumes and panda bear mascot.
The market reacted positively to Delivery Hero offloading its presence in British-developed Singapore and emerging economies Cambodia, Laos, Malaysia, Myanmar, the Philippines, and Thailand.
Grab began trading on the NASDAQ exchange in December 2021 but its shares have floundered. The company is yet to make an annual profit but revenue has steadily risen as the firm increases its userbase and develops its everything app for ride-hailing, food deliveries, loans, couriers, hotel bookings and other services.
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