South Korea makes unit sale condition for Delivery Hero s US$4 billion Woowa deal Toggle share menu
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South Korea makes unit sale condition for Delivery Hero s US$4 billion Woowa deal South Korea s antitrust regulator said on Monday Delivery Hero must sell its Yogiyo subsidiary to win approval for a US$4 billion takeover of Woowa Brothers that would have given it a near monopoly in the country s food delivery market.
FILE PHOTO: The Delivery Hero s logo is pictured at its headquarters in Berlin, Germany, August 18, 2020. REUTERS/Fabrizio Bensch/File Photo 2 related media assets (image or videos) available. Click to see the gallery.
Delivery Hero to sell S Korean unit for $4 billion Woowa deal approval reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Germany s Delivery Hero will sell South Korean food delivery app Yogiyo as part of conditions for regulatory approval of its $4 billion takeover of top South Korean food delivery app owner Woowa Brothers. The sale clears a major hurdle for Delivery Hero in gaining the dominant position in the world s third-largest online food delivery market, as competition heats up amid accelerated demand triggered by the coronavirus pandemic. Berlin-based Delivery Hero agreed last year to buy Woowa for whom the buyout is a lifeline in an intensely competitive market. The Korea Fair Trade Commission (KFTC) said on Monday it would approve the takeover on condition that Delivery Hero sold its entire stake in the country s No. 2 food delivery app, Yogiyo, in six months, with possible extensions.
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Germany's Delivery Hero will sell South Korean food delivery app Yogiyo as part of the conditions for regulatory approval of its $4 billion takeover of top South Korean food delivery app owner Woowa Brothers.