UPDATE: Delivery Hero's foodpanda buys Deliveroo assets to grow in HK

Deliveroo PLC - London-based food delivery - Sells assets from its Hong Kong operations to Delivery Hero SE's foodpanda platform as part of a decision to shutter the business. Deliveroo Hong Kong has nominated liquidators to manage the closure of the business and the remaining assets. Deliveroo says "several dynamics specific to the Hong Kong market" led the board to its decision, without specifying these issues. The Hong Kong operation represented 5% of group gross transaction value in 2024 and was loss-making, Deliveroo says. It doesn't say how much foodpanda paid for the assets its bought.

Berlin-based Delivery Hero says the acquisition will give its Singapore-based foodpanda platform access to some restaurants and groceries in Hong Kong that were previously exclusive to Deliveroo and also give the vendors on its platform there access to a larger customer base.

Deliveroo current stock price: 126.50 pence, up 1.1% in London on Monday

12-month change: up 11%

Delivery Hero current stock price: EUR28.92, up 0.3% in Frankfurt

12-month change: up 13%

By Tom Waite, Alliance News editor

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