Delivery Hero has bought foodpanda from the German startup incubator Rocket Internet – and in exchange Rocket Internet has received newly-issued shares in Delivery Hero. As a result of the deal, Rocket Internet has raised its stake in Delivery Hero to 37.7%.
The deal will bring together the online food ordering and delivery businesses of Delivery Hero and foodpanda – and Rocket Internet is hoping that the synergies between the two companies may help to produce some profits.
According to a statement posted on Rocket Internet’s website on Saturday (10 December): “The transaction strengthens Delivery Hero’s global leadership position in online food ordering and delivery, with the combined group processing over 20 million orders per month across 47 countries. foodpanda operates in total in 22 countries with market leading positions in 17 of them.
“The acquisition of foodpanda will enable Delivery Hero to consolidate its market leadership position in the Middle East and adds 20 new countries in Eastern Europe, MENA and Asia to Delivery Hero’s platform increasing the size of Delivery Hero’s total addressable market. Furthermore, the combination of the two key companies leads to a significant reduction of complexity at group level for Rocket Internet.”