Through this acquisition, Rocket Internet will increase its ownership in Delivery Hero to 37.7%. The transaction is subject to customary closing conditions and is expected to close prior to December 31, 2016, techcrunch.com reports.
Delivery Hero was recently valued at USD 3.1 billion and the acquisition is expected to process over 20 million orders per month across 47 countries.
foodpanda will add 20 new countries in Eastern Europe, MENA and Asia to Delivery Hero’s platform. It currently processes approximately 2 million monthly orders across the 22 countries. In addition, Delivery Hero says foodpanda will enable it to consolidate its market leadership position in the Middle East.
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