Delivery Hero in $1.25b deal with Uber for foodpanda Taiwan sale, investment

Delivery Hero in $1.25b deal with Uber for foodpanda Taiwan sale, investment

Foodpanda riders get ready for deliveries outside a restaurant, amid the coronavirus disease (COVID-19) outbreak in Kuala Lumpur, Malaysia July 8, 2020. REUTERS/ Lim Huey Teng/File Photo

Uber announced on Tuesday a $1.25 billion deal to take over Delivery Hero’s foodpanda business in Taiwan and buy new shares in the German firm in a move that would boost liquidity of the delivery specialist grappling with rising competition in Asia.