Investing.com -- Uber Technologies (NYSE:UBER) has terminated its agreement to acquire the Foodpanda business in Taiwan from German food-delivery company Delivery Hero.
The decision comes after local regulatory authorities did not approve the deal, and the appeal period expired.
The agreement, which was signed on May 14, stipulates that Uber must pay a termination fee estimated to be around $250 million due to the cancellation of the deal.
Despite the setback, Delivery Hero has affirmed that Taiwan remains a crucial part of their long-term strategy.
The company plans to continue supporting its position in the region.
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