Delivery Hero AG announced it will sell its Taiwan food delivery operations to Grab Holdings Ltd for $600 million in cash, as the German company continues restructuring its international portfolio.

The transaction involves Delivery Hero's Foodpanda business in Taiwan, which will be acquired by the Singapore-based ride-hailing and delivery company. The deal represents an all-cash transaction that will help Delivery Hero strengthen its balance sheet.

The sale is part of Delivery Hero's broader strategy to streamline its global operations and focus resources on core markets. The German company has been working to improve its financial position by divesting certain international assets.

Grab Holdings, which operates across Southeast Asia, will expand its food delivery footprint through the acquisition. The Singapore-based company has been growing its presence in the food delivery sector alongside its ride-hailing services.

The transaction is subject to standard regulatory approvals and closing conditions. Both companies did not immediately provide additional details about the expected timeline for completion of the deal.