Delivery Hero Signs Sale Agreement with Third-Party Consortium for Delivery Hero Korea

[Asia Economy Reporter Park Jihwan] Delivery Hero announced on the 15th that a consortium consisting of Affinity Equity Partners, GS Retail, and Permira is set to acquire Delivery Hero Korea for 800 billion KRW.

Nicklas ?stberg, CEO and co-founder of Delivery Hero, said on the day, "Together with Delivery Hero Korea, we have built a healthy ecosystem consisting of delivery drivers, restaurants, and partners in Korea. I sincerely thank the members of Delivery Hero Korea who have worked hard over the past several years, and I wish everyone continued success. It has truly been a wonderful journey, and I am proud to have created a brand loved by customers."

Due to the conditional approval by the Korea Fair Trade Commission for the strategic partnership with Woowa Brothers, Delivery Hero was required to sell 100% of its shares in Delivery Hero Korea within six months. The deadline for this sale was August 2 of last year but was extended by five months. Delivery Hero has followed the proper structural measures on schedule by conducting a bidding sale process and signing a binding contract. The transaction must receive regulatory approval and is expected to be completed before the end of this year.

Delivery Hero was listed on the Frankfurt Stock Exchange in 2017. In 2020, it was included as a constituent company of the DAX (Deutscher Aktienindex), a major stock index. It is a global delivery platform providing services in over 50 countries across Asia, Europe, Latin America, the Middle East, and North Africa. Since starting food delivery services in 2011, it has grown into a company operating its own delivery platforms across four continents. Delivery Hero is leading the Quick Commerce market, known as the next generation of e-commerce. Quick Commerce is a service that delivers food, beverages, and daily necessities to customers within one hour, and sometimes within 10 to 15 minutes.