Grab to buy Delivery Hero’s Foodpanda Taiwan business for $600 million

Southeast Asia’s biggest ride-hailing and delivery firm, Grab, said on Monday it would pay $600 million in cash for Delivery Hero’s Foodpanda delivery business in Taiwan, in its first expansion outside the region.

The ‌Taiwan purchase gives ⁠the ⁠Singapore-based company a sizeable delivery foothold beyond Southeast Asia in its pursuit of a broader expansion strategy ​built around artificial intelligence, newer services and selective overseas deals.

“This is a natural next step for ​Grab, as our experience in Southeast Asia is a direct fit for this market,” Anthony Tan, Grab’s group CEO and co-founder, said in a statement.