May 13 (Reuters) -

Ride-hailing company Uber ( UBER ) will acquire Delivery

Hero's foodpanda branded takeaway business in Taiwan

for $950 million in cash, the companies said on Tuesday.

Germany's Delivery Hero plans to additionally issue 8.42

million new ordinary registered shares which Uber ( UBER ) has agreed to

purchase for $300 million, the two companies said.

Following the move, Uber ( UBER ) would hold around 2.98% of the

Delivery Hero's new share capital.

The companies aim to complete the transaction by the first

half of 2025, they said, adding that following deal's closure

foodpanda's local consumers, merchants and delivery partners

would be transitioned to Uber Eats.

The deal

comes

months after Delivery Hero said that talks regarding a

potential sale of its foodpanda business in selected markets in

Southeast Asia had been terminated.

($1 = 0.9271 euros)