(Reuters) -Ride-hailing company 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 has agreed to purchase for $300 million, the two companies said.

Following the move, 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)

(Reporting by Chandni Shah in Bengaluru; Editing by Nivedita Bhattacharjee)