Delivery Hero buys South Korean competitor
Tom Schmidtgen
| 29.12.2020
The company has accepted antitrust conditions for the takeover. The share price rises to a record high in the meantime.
Delivery Hero will meet the conditions of the South Korean antitrust authority for the purchase of rival Woowa. The DAX-listed company must therefore sell its subsidiary Yogiyo. Delivery Hero actually wanted to prevent this, but 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 on the acquisition.
The antitrust authority feared a monopoly if Delivery Hero bought Woowa. The food delivery company would have had a 99.2 percent market share without the conditions.
The stock rose to an interim record high of 130 euros on Dec. 28. So far this year, Delivery Hero shares have gained as much as 80 percent. That makes the start-up worth about 25 billion euros.
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