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Delivery Hero buys South Korean competitor

The company has accepted antitrust conditions for the takeover. The share price rises to a record high in the meantime.

Tom Schmidtgen · Stuttgart, 29. December 2020

Delivery Hero buys South Korean competitor — Die Genehmigung für unsere Partnerschaft mit Woowa ist eine großartige Nachricht für unsere beiden Unternehmen und die gesamte Branche“, sagt CEO Niklas Östberg. Foto: Delivery Hero

The company has accepted antitrust conditions for the takeover. The share price has since risen to a record high.

Delivery Hero will fulfill the conditions of the South Korean antitrust authority for the acquisition of its competitor Woowa. The DAX-listed company must therefore sell its subsidiary Yogiyo. Delivery Hero actually wanted to prevent this, but has now agreed to the conditions. "The approval for our partnership with Woowa is great news for both our companies and the entire industry," says CEO Niklas Östberg about the takeover.

The antitrust authorities feared a monopoly if Delivery Hero bought Woowa. Without the conditions, the food delivery company would have had a market share of 99.2 percent.

The share price rose to an interim record high of 130 euros on December 28. In the year to date, Delivery Hero shares have gained up to 80 percent. The start-up is now worth around 25 billion euros.

Delivery Hero Niklas Östberg Woowa

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Startup 2011 Berlin Delivery Hero Online food ordering and delivery marketplaces.

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