02:57 PM EDT, 03/12/2025 (MT Newswires) -- Uber Technologies ( UBER ) has terminated its proposed $950 million deal to acquire Delivery Hero's Foodpanda business in Taiwan amid regulatory hurdles.

The companies announced the deal in May. In December, the Taiwan Fair Trade Commission blocked the transaction, saying the "disadvantages from competition restraints would be greater" than the overall economic advantage.

"While we are disappointed with the outcome, we respect the decision of the competition authority and will not be pursuing an appeal," an Uber ( UBER ) spokesperson said in a statement e-mailed to MT Newswires Wednesday. "We remain committed to Taiwan."

Delivery Hero said Tuesday that Uber ( UBER ) had decided to terminate the deal. Uber ( UBER ) is required to pay an estimated $250 million termination fee, according to Delivery Hero.

"Taiwan remains a key part of Delivery Hero's long-term strategy," the company said in a statement, adding that it remains focused on supporting Foodpanda's position in that market.

Last month, Uber ( UBER ) issued a downbeat fiscal first-quarter gross bookings outlook at the midpoint after reporting a surprise increase in fourth-quarter earnings.

Also in February, investor Bill Ackman said that his Pershing Square hedge fund had amassed a stake in Uber ( UBER ).

Uber ( UBER ) shares were up 1% in Wednesday late-afternoon trade, and have surged 18% so far this year.

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