March 23 (Reuters) - Delivery Hero has agreed

to sell its food delivery business in Taiwan to Grab Holdings ( GRAB )

for $600 million, the German online takeaway food

company said on Monday.

Delivery Hero will use the proceeds from the deal to repay

its debt, it said in a statement.

The company has been under pressure from shareholders to make

progress in the strategic review of its activities, with its

shares having lost nearly a third of their value so far this

year.

Closing of the transaction is expected for the second half of

the year, Delivery Hero said.