Delivery Hero, the owner of Foodpanda, has confirmed that it is in talks regarding a potential sale of the food delivery service to “selected markets” in Southeast Asia.

“Any discussions or plans are in their preliminary stages,” reads a statement from Foodpanda.

According to several media publications, the company is looking to sell the Foodpanda brand in Singapore, Malaysia, the Philippines, Thailand, Cambodia, Myanmar and Laos.

German magazine Wirtschaftswoche said that Grab, one of Foodpanda’s competitors in Singapore, was considered to be a buyer. It adds that Grab could pay slightly over EUR1 billion ($1.46 billion) to Delivery Hero for the deal.

The rest of Foodpanda’s markets in Bangladesh, Hong Kong, Pakistan and Taiwan will remain with Delivery Hero for now.

Foodpanda’s owner confirms negotiations regarding potential sale in selected Southeast Asian markets

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Foodpanda’s owner confirms negotiations regarding potential sale in selected Southeast Asian markets

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