Grab to Acquire foodpanda Taiwan Business for $600M
Grab Holdings (GRAB) and Delivery Hero (DLVHF) have reached an agreement for Grab to acquire Delivery Hero's foodpanda delivery business in Taiwan in cash for $600M, on a cash-free and debt-free basis, subject to customary closing adjustments. Closing of the acquisition is subject to regulatory approvals and customary closing conditions, and is expected to take place in the second half of 2026. After the acquisition, Grab will have a presence across 21 cities in Taiwan. This deal combines Grab's AI-enabled products and operational expertise with foodpanda's extensive coverage across Taiwan. The foodpanda business generated approximately $1.8B in Gross Merchandise Value and is profitable on an adjusted EBITDA basis in 2025. Grab and foodpanda are committed to maintaining a high level of service for all stakeholders throughout this process. Until the deal closes, Delivery Hero is fully committed to continue operating foodpanda Taiwan as usual. The parties have entered into a Support Services Agreement under which Delivery Hero will provide transition support services to foodpanda Taiwan in the period following Closing, to ensure that the local community remains well-supported as they move to the Grab platform. Grab is targeting completion of the full platform migration of users, merchant-partners and driver-partners from foodpanda to the Grab app by early 2027. Subject to the closing timeline, the transaction will be accretive to Grab's 2026 Group Revenue guidance of $4.04B to $4.10B. Grab also reiterates its 2026 Adjusted EBITDA guidance of $700M to $720M. The proposed transaction is expected to be accretive to Grab's previously announced 3-year Adjusted EBITDA outlook of $1.5B by 2028, and contribute at least $60M in incremental Adjusted EBITDA in 2028.
