Delivery Hero has acquired rival Foodpanda from Rocket Internet – adding 20 new countries in Eastern Europe, MENA and Asia to Delivery Hero’s platform and consolidating its position in the Middle East.

The terms of the acquisition are undisclosed but will be funded through the issuance of new shares in Delivery Hero to existing Foodpanda shareholders. The transaction is subject to customary closing conditions and expected to close prior to 31 December 2016.

Niklas Östberg, CEO of Delivery Hero, commented: “foodpanda has built a fantastic position and service offering in some of the largest food delivery markets globally. We look forward to working with the team to continue creating unparalleled takeaway experiences for our customers around the world.”

Rocket Internet already owned a major stake in Delivery Hero, prior to the deal, and has now increased its ownership to 37.7 per cent on a fully diluted basis post transaction. This is just the latest in an interesting saga ever-increasing stakes and back and forth acquisitions.