Delivery Hero, owner of foodpanda, confirms talks on partial sale of Asia business

BERLIN: Delivery Hero confirmed talks on a partial sale of its Asia business on Wednesday (Sep 20), adding that the deal’s value is still under negotiation.

The Wirtschaftswoche business magazine first reported the news earlier in the day, saying Singapore’s Grab could pay a little more than €1 billion (US$1.07 billion) for the unit.

The Berlin-based company plans to sell its activities under the foodpanda brand in Singapore, Cambodia, Laos, Malaysia, Myanmar, the Philippines and Thailand, it said in a statement.

Investors in the online takeaway food company welcomed the report, lifting its shares as much as 13.5 per cent.

Grab did not immediately reply to an emailed request for comment.