Singapore-based superapp Grab (NASDAQ: GRAB) has agreed to acquire Delivery Hero’s Foodpanda business in Taiwan for $600 million in cash, marking its first expansion beyond Southeast Asia. As reported by TechCrunch, the deal is expected to close in the second half of 2026, pending regulatory approval, with full integration targeted by early 2027.
The acquisition gives Grab access to operations across 21 cities in Taiwan. Foodpanda held around 52% market share and generated approximately $1.8 billion in Gross Merchandise Value (GMV) in 2025. The business was already profitable on an adjusted EBITDA basis before Delivery Hero’s internal cost allocations.
The deal is valued at 0.33 times Foodpanda Taiwan’s 2025 GMV, more than 30% lower than the $950 million offer previously made by Uber Technologies in 2024. That earlier bid was blocked by Taiwan’s Fair Trade Commission over concerns that a merger could create a near-monopoly controlling up to 90% of the market.
Grab Group CEO and Co-Founder Anthony Tan described the move as a natural step, highlighting the company’s experience managing delivery logistics in dense urban environments. He noted Taiwan’s population of about 23 million and its strong demand for mobile-first services, similar to Southeast Asia.
Analysts at Jefferies and Barclays supported the acquisition, noting its potential to replicate Grab’s regional success. However, they expect integration costs to weigh on performance through 2026 and 2027, with at least $60 million in additional adjusted EBITDA projected by 2028, aligned with Grab’s $1.5 billion group target.
