Uber Technologies announced on Tuesday that it has terminated its acquisition of Delivery Hero’s Foodpanda in Taiwan. The move follows a decision by Taiwan’s Fair Trade Commission (FTC) to block the deal due to concerns about competition.

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 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. Taiwan had in February blocked Uber's $950 million purchase of Delivery Hero's Foodpanda business on the island because of concerns it would be anti-competitive.