Global firms A&O Shearman and White & Case have counselled on a transaction in Hong Kong’s food delivery sector, as Deliveroo exits the market and sells select assets to industry rival foodpanda, a subsidiary of Delivery Hero.
Tess Fang, A&O Shearman’s lead partner for this deal, emphasised that the transaction reinforces Delivery Hero’s commitment to investing in Hong Kong and maintaining a sustainable delivery ecosystem in the market. “The competition between the key food and grocery delivery platforms will continue. Customers, business partners and couriers will be the key battlefields,” the Hong Kong-based partner told Asia Business Law Journal.
A&O Shearman advised Delivery Hero, a Germany-based delivery platform, with Fang and partners Anna Gamvros and Peter McDonald leading the transaction team.
White & Case represented Deliveroo, a British online food delivery company, in its market exit from Hong Kong, guiding the company through asset sales and liquidation. Partners Di Yu and Guy Potel co-led the deal team.
Deliveroo’s Hong Kong service is set to end on 7 April, with the deal’s value remaining undisclosed.
