(Reuters) - British meal delivery company Deliveroo said on Monday that it will exit its Hong Kong operations by selling some assets to Delivery Hero's foodpanda and by closing other assets. (
UK food delivery firm Deliveroo to exit Hong Kong
(Reuters) -British meal delivery company Deliveroo said on Monday that it will exit its Hong Kong operations by selling some assets to Delivery Hero's foodpanda for an undisclosed amount, and by closing other assets.
"There are several dynamics specific to the Hong Kong market which led the Board to consider strategic options and ... determine that it would not serve shareholders' best interests to continue to operate in Hong Kong," Deliveroo said in a statement.
The company's operations in Hong Kong were loss making and accounted for about 5% of overall transactions.
Deliveroo said it has nominated liquidators to close its Hong Kong businesses that it did not sell to foodpanda, and that its Hong Kong platform will remain live until April 7.
(Reporting by Pushkala Aripaka in Bengaluru; Editing by Mrigank Dhaniwala)
