Germany's Delivery Hero agreed a $4 billion deal to buy South Korea's ...
) agreed a $4 billion deal to buy South Korea’s top food delivery app owner Woowa Brothers, ratcheting up consolidation in the industry as it expands in Asia’s fast-growing but crowded market.
Analysts at Barclays said that given the gross merchandise value it acquired, Delivery Hero had agreed “a good price for an asset that gives DH clear leadership in a very attractive market”. “The delivery market has been flooded with gigantic Japan-backed capital and influential online platforms, leading Woowa to factor in partnership as a survival strategy,” said a spokesman at Woowa Brothers.
Delivery Hero’s Oestberg said he would commit new resources to Woowa to enable it to hold its own and expand.
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