German food delivery company Delivery Hero said on Dec. 13 that it had agreed to buy its South Korean rival Woowa Brothers for $4 billion including debt.
Delivery Hero, which has a market capitalisation of 9.5 billion euros, is expected to own 100% of Woowa over time by paying the equivalent in U.S. dollars of 1.7 billion euros in cash and 1.9 billion euros in shares, based on a 20-day volume-weighted average share price of 47.47 euros. In the financial year ending Dec. 31, 2018, Woowa grew revenue in South Korea by 96% to 242 million euros, with an EBITDA of 46 million euros.
The companies said they will also create a joint venture in Singapore to tap into the booming food delivery market in Asia.
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