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Delivery Hero acquires foodpanda, Rocket Internet stake now at 37.7%

Both Foodpanda and Delivery Hero are backed by Rocket Internet.

By: PTI | Berlin/new Delhi |
December 11, 2016 3:57:19 pm
Foodpanda, Delivery hero, foodpanda acquisition, rocket internet, news, food delivery service, india news, latest news, india business news, food start ups india Both Foodpanda and Delivery Hero are backed by Rocket Internet.

Berlin-based online food takeaway service Delivery Hero Holding GmbH has acquired online marketplace for food delivery foodpanda for an undisclosed amount.

In exchange for all its shares in foodpanda, Rocket Internet SE received newly issued shares in Delivery Hero increasing its stake in Delivery Hero to 37.7 per cent on a fully diluted basis, Rocket Internet said in a statement.

“The transaction strengthens Delivery Hero’s global leadership position in online food ordering and delivery, with the combined group processing over 20 million orders per month across 47 countries,” it added.

Both Foodpanda and Delivery Hero are backed by Rocket Internet.

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Furthermore, the combination of the two key companies leads to a significant reduction of complexity at group level for Rocket Internet, the statement said.

“Commenting on the development, Rocket Internet CEO Oliver Samwer said: “The combination of foodpanda and Delivery Hero, one of our most important companies, further consolidates key markets resulting in significantly improved market positions.”

Delivery Hero is also acquiring new markets with leading market positions further broadening its geographic footprint, he added.

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“foodpanda has built a fantastic position and service offering in some of the largest food delivery markets globally,” Delivery Hero CEO Niklas Östberg said.

“I am delighted to join forces with Delivery Hero and be part of a global platform that will help us grow and with which we share a common vision”, foodpanda CEO Ralf Wenzel said on the development.

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First published on: 11-12-2016 at 03:57:19 pm
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