Berlin-based online food takeaway service Delivery Hero, one of Europe's biggest start-ups, will acquire competitor Foodpanda.
This is a sign of further consolidation to fend of new competition in Europe's sought after business of food-delivery.
Delivery Hero was valued at 2.8 billion euros ($2.96 billion) in its latest funding round in June.
It signed a definitive agreement buy Foodpanda, itself a Berlin-based start-up.
Both are backed by German eCommerce firm Rocket Internet, which has invested 800 million euros in Delivery Hero last year and 300 million euros into Foodpanda.
Food Panda focuses on deliveries in eastern Europe, west Asia and Asia.
Acquisition will be funded by issuing new shares, with major shareholder Rocket increasing its stake to 37.7%.
Foodpanda- Foodpanda CEO: Ralf Wenzel.
- Active international player in online food takeaway business.
- Valued at: 10-15 m USD
- Location: Berlin, Germany.
