NAME: Delivery Hero's $4 billion acquisition of Woowa Brothers
LAW FIRM: Bae Kim & Lee, Kim & Chang, WongPartnership and Yulchon
JURISDICTION: South Korea
PRACTICE AREAS: Corporate and M&A
INDUSTRY SECTORS: Consumer goods and services
Delivery Hero’s $4 billion acquisition of Woowa Brothers is our deal of the month for January.
German food delivery platform Delivery Hero agreed a $4 billion deal to buy South Korea’s Woowa Brothers, which runs the country’s top food delivery app.
This acquisition means Asia will become Delivery Hero’s largest and fastest-growing market, securing the position outside of China as the biggest global food delivery platform.
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.