South Korea Makes Unit Sale Condition For Delivery Hero s 4

South Korea Makes Unit Sale Condition For Delivery Hero s 4 Billion Woowa Deal


BW Businessworld
South Korea Makes Unit Sale Condition For Delivery Hero's $4 Billion Woowa Deal
Berlin-based Delivery Hero agreed last year to buy Korea's top food delivery app owner Woowa as it expands in Asia's fast-growing but crowded market. For Woowa, the buyout is a lifeline in an intensely competitive market.
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South Korea's antitrust regulator said on Monday Delivery Hero must sell its Yogiyo subsidiary to win approval for a $4 billion takeover of Woowa Brothers that would have given it a near monopoly in the country's food delivery market.
The ruling from the Korea Fair Trade Commission (KFTC) is a setback for consolidation in the world's third-largest online food delivery market, although it was not immediately clear if it will scupper the deal as the market dominance of Woowa's No. 1 app is significant even without the subsidiary.

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