Rocket Internet’s international online food delivery service Delivery Hero has acquired brother company Foodpanda for an undisclosed amount. The acquisition will help Delivery Hero consolidate key markets, further its geographic footprint and reduce complexity at the group level. The Foodpanda acquisition will let Delivery Hero expand to 20 countries including those in Europe, MENA and Asia. It will be funded by issuing new shares in Delivery Hero to Foodpanda shareholders. Rocket Internet will now own 37.7% of Delivery Hero, up from 37.3% this May. Since last December, Rocket Internet owns 49.1% stake in Foodpanda. It is unclear if the merger of the businesses will lead to one app and whether Foodpanda will retain its identity across its markets or function under Delivery Hero. As of March this year, Foodpanda had $100 million in cash reserves. A TechCrunch report states that Delivery Hero and Foodpanda combined…
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