Delivery Hero receives approval for an extension of the implementation period to divest Yogiyo
Berlin, 22 July 2021 – Delivery Hero SE (“Delivery Hero”), the world’s leading local delivery platform, today received the approval from the Korea Fair Trade Commission (“KFTC”) to extend the period of implementation of the remedial order requesting Delivery Hero to divest all its shares in Delivery Hero Korea LLC (“Yogiyo”) by August 2, 2021 for another five months. The divestiture is therefore now required to take place by January 2, 2022.
Delivery Hero is currently negotiating the divestiture. The remaining process will continue to be fully compliant with the applicable contractual terms and regulations, as well as the remedies required by the KFTC.
Delivery Hero had announced the purchase of shares in, and the establishment of a joint venture with the management of, Woowa Brothers Corp. (“Woowa”), on December 13, 2019. Following the written decision on conditional approval issued by the KFTC on February 2, 2021, Delivery Hero announced that all actions to close the transaction with Woowa were taken on March 3, 2021.
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