Rocket Internet-backed Foodpanda is being acquired by Delivery Hero. The financial terms of the transaction haven’t yet been disclosed but the deal is expected to close prior to the end of this year, before 31st December.
The deal brings together two of the largest players in the food delivery space. Delivery Hero has been trying to gain a consolidate key markets and the acquisition of Foodpanda is just another step in expanding its geographic footprint.
The acquisition will increase Rocket Internet’s stake in Delivery Hero to 37.7 per cent, Rocket Internet said in a statement. Prior to the acquisition, the Rocket Internet – an investor – held 30 per cent stake in Delivery Hero.
Both Delivery Hero and Rocket Internet are based out of Berlin.
Delivery Hero and Foodpanda have raised more than $1.5 billion combined, according to data compiled by Bloomberg. In addition to Rocket, their backers include Goldman Sachs and Insight Venture Partners.