Delivery Hero signs agreement with a three-party consortium to sell Delivery Hero Korea LLC
- Delivery Hero announces a transaction with Affinity Equity Partners, GS Retail Co, Ltd., and Permira Advisers Limited in relation to the divestment of Delivery Hero Korea LLC
- The consortium will acquire 100% of the entity for an enterprise value of KRW 800 billion
- Closing of the transaction is expected before the end of 2021
Berlin, 13 August 2021 – Delivery Hero SE (“Delivery Hero”), the world’s leading local delivery platform, today announces that a consortium formed of Affinity Equity Partners, GS Retail Co, Ltd., and Permira Advisers Limited will acquire Delivery Hero Korea LLC for an enterprise value of KRW 800 billion.
Together with the Delivery Hero Korea team, we have created a vibrant community of riders, restaurants and partners in South Korea. I want to sincerely thank the team for their hard work in the past years and wish them all the best for their journey ahead. It has been a fantastic journey and I am proud of how we managed to build an amazing brand that customers love.Niklas Östberg, CEO and Co-Founder of Delivery Hero
Following the conditional regulatory approval by the Korea Fair Trade Commission for its strategic partnership with Woowa Brothers Corp., Delivery Hero was given a six month timeframe to divest 100% of Delivery Hero Korea LLC, which was extended by another five months from 2 August 2021. Delivery Hero is now on track to fulfill the structural remedies by entering into a binding agreement after having gone through an auction sale process. The transaction is subject to certain regulatory approvals and is expected to close before the end of this year.
ABOUT DELIVERY HERO
Delivery Hero is the world’s leading local delivery platform, operating its service in around 50 countries across Asia, Europe, Latin America, the Middle East and North Africa. The company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 10-15 minutes. Headquartered in Berlin, Germany, Delivery Hero is listed on the Frankfurt stock exchange since 2017, and became part of the leading index DAX (Deutscher Aktienindex) in 2020. For more information, please visit www.deliveryhero.com
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