Uber Technologies has ended its acquisition of Delivery Hero’s Foodpanda in Taiwan, the Germany-based tech firm said on Tuesday. The announcement comes

Uber has decided to terminate its agreement to acquire Delivery Hero's Foodpanda business in Taiwan and will pay a termination fee of around $250 million, the food delivery company said on Tuesday. Uber said in an emailed statement that it would not appeal the decision of the Taiwan Fair Trade Commission.

Uber has abandoned its bid to acquire Foodpanda's operations in Taiwan and will be required to pay a hefty termination penalty. Uber, the parent company of Uber Eats, has terminated its NT$31.28 billion (US$950 million) acquisition of Delivery Hero’s Foodpanda delivery business in Taiwan,