No final decision has been made and talks could still fall through, the people said. Representatives for Line Man Wongnai and Line declined to comment. Representatives for Delivery Hero and Foodpanda didn’t immediately respond to requests for comment.
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 US$100 million ($135.1 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.
