Foody Vietnam sold to Singaporean firm
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Online restaurant directory Foody Vietnam has sold a majority stake to consumer internet group Sea Limited.
Worth about US$64 million, the transfer was announced on a NYSE listing by Sea.
Foody, which also accepts meal bookings and runs a delivery service, has announced that foreign entity Airview Investment of Singapore has taken an 82 per cent shareholding.
Sea says it has acquired a Vietnamese food-delivery platform to help expand its payment platform AirPay, launched in Vietnam in 2014.
“We intend to pursue strategic investment and acquisition opportunities in order to grow our user base, deepen our market penetration and further expand our offerings, including complementary services and products,” says Sea.
Foody Vietnam was founded in 2012. Sea, valued at $3.75 billion, has already invested in Foody, as series-B investor in July 2015.
Questions & Answers
Q.Which company has acquired a majority stake in Foody Vietnam?
Which company has acquired a majority stake in Foody Vietnam?
Singaporean consumer internet group Sea Limited has acquired an 82 per cent shareholding in Foody Vietnam. The transaction was made through its foreign entity, Airview Investment.
Q.What is the primary reason Sea Limited acquired Foody Vietnam?
What is the primary reason Sea Limited acquired Foody Vietnam?
Sea Limited acquired Foody Vietnam to help expand its payment platform, AirPay, which launched in Vietnam in 2014. They aim to grow their user base and deepen market penetration.
Q.Has Sea Limited invested in Foody Vietnam previously?
Has Sea Limited invested in Foody Vietnam previously?
Yes, Sea Limited previously invested in Foody Vietnam as a series-B investor in July 2015. This acquisition represents a further commitment from the company.
Q.What is the approximate value of the stake transfer?
What is the approximate value of the stake transfer?
The transfer of the majority stake in Foody Vietnam is worth approximately US$64 million. This was announced on a NYSE listing by Sea Limited.
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