Grab seeks to acquire foodpanda Taiwan for US$600 million

TAIPEI (TVBS News) — Singapore-based super app Grab announced Monday (March 23) it will acquire foodpanda Taiwan for US$600 million (around NT$19.3 billion) in cash — the same business Taiwan's Fair Trade Commission (公平交易委員會) blocked Uber Eats from buying for US$950 million (around NT$30.5 billion) in December 2024. The deal, pending regulatory approval, would mark Grab's first expansion outside Southeast Asia and is expected to close in the second half of 2026. The commission has not indicated how it will evaluate a proposal raising the same market concentration concerns it cited when rejecting Uber's bid 15 months ago.

Kuomintang (國民黨) legislator Hung Meng-kai (洪孟楷), a member of Taiwan's main opposition party, said the acquisition shows Taiwan's food delivery regulations provide a foundation for market development. Hung did not specify which aspects of Grab's proposal might satisfy the competition concerns that doomed Uber's attempt. The regulatory review and market impact of Grab's entry deserve continued attention, he told the United Daily News.

Grab CEO and co-founder Anthony Tan (陳炳耀) said the company's experience managing delivery logistics in dense Asian cities makes it well-suited for Taiwan's urban environment. Grab currently serves more than 50 million monthly users across 900 cities in eight Southeast Asian countries. These include Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

The foodpanda Taiwan business generated approximately US$1.8 billion (around NT$57.8 billion ) in gross merchandise value and was profitable on an adjusted EBITDA basis in 2025, according to Grab. After the acquisition, Grab would operate across 21 cities in Taiwan. The company expects the transaction to contribute at least US$60 million (around NT$1.9 billion) in incremental adjusted EBITDA by 2028. EBITDA measures a company's operating profit before accounting for debt payments, taxes, and equipment depreciation.

Delivery Hero SE (德商外送英雄), foodpanda's German parent company, called the sale "a key first step in our ongoing strategic review," suggesting a broader reassessment of its global portfolio. All foodpanda services, consumer rights, and partnerships will remain unchanged during the regulatory review period, the company said. A transition support agreement will ensure continuity after closing, allowing foodpanda to continue normal operations until the deal is finalized.

Grab targets completion of the full platform migration by early 2027, moving users, merchants, and delivery partners from foodpanda to the Grab app. The familiar pink panda mascot that has become ubiquitous on Taiwan's streets would disappear, replaced by Grab's green branding. If approved, the acquisition would give Grab access to foodpanda's network of restaurants, convenience stores, and grocery delivery partners across Taiwan.

Grab said it plans to bring its AI technology suite to Taiwan, including its proprietary mapping system GrabMaps for real-time route planning and predictive delivery optimization. The company also promised merchants AI-powered sales analytics and delivery partners insurance coverage and safety features. Grab currently deploys these technologies across its eight Southeast Asian markets, serving more than 50 million monthly users.

Fifteen months ago, Taiwan's regulators said blocking Uber's acquisition would protect competition. Now they face the same question with a different buyer offering US$350 million (around NT$11.2 billion) less than Uber's rejected bid. Whether Grab's lack of existing Taiwan operations — or some other factor — justifies a different outcome, the commission will have to say. ◼ (At time of reporting, US$1 equals approximately NT$32.13)