In a deal valued at $4 billion, German food delivery platform Delivery Hero will acquire South Korea’s Woowa Brothers, which runs the country’s largest food delivery app. Delivery Hero expands its Asia operations through this strategic partnership.
The first phase of acquisition involves a joint venture between the two companies that will be established in Singapore. At the close of this transaction, Delivery Hero will own up to 88% of Woowa’s share capital, with the remaining 12% to be exchanged over the next four years.
Delivery Hero was represented by Bae Kim & Lee, WongPartnership and Sullivan & Cromwell. Kim & Chang and Yulchon advised Woowa Brothers and its investors, respectively. Latham & Watkins also served as a legal advisor.