In Frankfurt Delivery Hero celebrates the sale of food assets in Taiwan

(Il Sole 24 Ore Radiocor) - Purchases on Delivery Hero on the Frankfurt Stock Exchange (DAX 40). The German food delivery giant has reached an agreement with Grab, a Singapore-based and New York-listed company active in the ride-hailing, taxi and food delivery sectors, to dispose of its home delivery platform in Taiwan for USD 600 million in cash, no finance charges and no debt. For the Singapore-based company, this is its first acquisition outside Southeast Asia. "This acquisition will mark Grab's expansion into Taiwan, our ninth market and first outside Southeast Asia," its CEO Anthony Tan said in a statement, adding that Grab's experience in large Southeast Asian cities makes Taiwan "a natural fit". The deal is expected to be completed in the second half of the year.

"We are pleased to have concluded this cash deal, which reflects the strength and attractiveness of the business in Taiwan, said Niklas Ostberg, CEO and co-founder of Delivery Hero. "This divestment represents a key first step in our ongoing strategic review," he added. Delivery Hero intends to use the net proceeds of the transaction to repay debts and for general corporate purposes, strengthening its capital structure. The planned transaction represents a crucial first step in Delivery Hero's ongoing strategic review, supported by its financial advisor Jp Morgan.

According to analysts, the sale is strategic and profitable, as it represents an immediate cash inflow for the German company, strengthening its balance sheet and reducing its geographical exposure outside Southeast Asia. More generally the transaction sheds light on the company's strategy: Delivery Hero is in fact conducting a strategic review of its international activities, focusing on its core markets, and the transaction announced today goes precisely in this direction.