South Korea Tells Delivery Hero to Sell Unit for Woowa Deal
- German company plans to buy Korea’s biggest food delivery app
- Share price rises as much as 11.5% and reaches record high
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South Korea’s antitrust watchdog ordered Delivery Hero SE to sell its local unit before proceeding with its planned acquisition of the country’s largest food delivery platform.
The Korea Fair Trade Commission approved Delivery Hero’s takeover of Woowa Brothers Corp. under the condition that it divests Delivery Hero Korea, which operates the nation’s second largest food delivery app under the Yogiyo brand, the regulator said in a statement on Monday.