GIC-Backed Unicorn in Talks to Acquire Foodpanda in Thailand
- Line Man Wongnai weighs buying Delivery Hero’s Thai operation
- Company offers food delivery, taxi services in Thailand
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Food delivery unicorn Line Man Wongnai is in talks to acquire Delivery Hero SE’s Foodpanda in Thailand as it plans for a stock-market debut in the next few years, according to people familiar with the discussions.
Bangkok-based Line Man Wongnai considered a deal at around $100 million at one point, but the value is likely to have changed with the deterioration of the wider market and internal views toward loss-making businesses, said one of the people, who asked not to be named as the matter is private. The company is backed by Line Corp. and Singapore sovereign wealth fund GIC Pte.