German-based online takeout company Delivery Hero to buy Foodpanda

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Berlin-based online takeout company Delivery Hero has acquired competition site Foodpanda in a sale made by German “startup factory” and investor Rocket Internet.

The terms of the deal were not disclosed, but it has been announced that the acquisition will be funded through the issuance of new shares in Delivery Hero to existing Foodpanda shareholders. As a result, Rocket Internet will increase its ownership in Delivery Hero to 37.7 percent on a fully diluted basis post-transaction. The transaction is expected to be finalized before the end of the month.

The new combined company is expected to process over 20 million orders per month across 47 countries. With Delivery Hero being recently estimated at $3.1 million, up there with Just Eat, Deliveroo, and Uber Eats, the company says this acquisition will strengthen its “global leadership position” in the online food ordering and delivery industry.

Read more: TechCrunch, StartupWorld

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