The food delivery group Delivery Hero (FoodPanda), becoming a worldwide conglomerate that processes more than 20 million orders per month in 47 countries around the world.
Delivery Hero buys Foodpanda: the role of Rocket Internet
Behind this movement is the hand of the German incubator , with interests in both companies and that it has sold its stake in FoodPanda (where it had a 60% stake) to Delivery Hero in exchange for increase your share within Delivery Hero to 37.7% (previously it held 30%) through the issuance of new shares.
It is a maneuver to fatten up Delivery Hero ahead of its long-awaited debut on the stock market, which has been planned for a long time, but for which there is still no date. Recently, The company was valued at around $3.1 billion. Rocket Internet acquired 30% of the company last year for $586 million at the same time as bought the Red Refrigerator for 80 million dollars.
Delivery Hero buys Foodpanda and increases its power globally
Berlin-based Foodpanda operates in a total of 22 countries with leading positions in 17 of them. The acquisition of FoodPanda will allow Delivery Hero to consolidate its leadership position in the Middle East markets while adding 20 new countries in Eastern Europe, MENA and Asia to the Delivery Hero platform, increasing the size of the total Delivery market. Hero. Furthermore, the combination of the two key companies leads to a significant reduction in complexity at the group level for Rocket Internet.
Delivery Hero it was valued last year at $3.1 billion after a $110 million bid. This move would help the company to increase its value in the face of its rumored IPO and to arm themselves to compete with Just Eat and new players in the market such as Deliveroo or Uber Eats. Of the 27 countries in which it operates, claims to be the leader in 17 of them. It currently processes two million orders per month.
“The combination of FoodPanda and Delivery Hero, one of our largest companies, further consolidates our position in key markets, resulting in significantly improved market positions,” said Oliver Samwer, CEO of Rocket Internet.
“Foodpanda has built a fantastic position and service offering in some of the largest food delivery markets around the world. We look forward to working with the team to continue creating unparalleled experiences for our customers around the world.” said Niklas Östberg, CEO of Delivery Hero.
“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”, said Ralf Wenzel, CEO of foodpanda.
In this way, the food delivery sector continues on its way to oligopoly. the german company Delivery Hero has undertaken the purchase of its competitor foodpanda. The German start-up factory and investment firm Rocket Internet has sold the company to him.
Facebook Comments
Disqus