DH to Sell Yogiyo to Acquire Baemin... Accepts Fair Trade Commission Conditions (Update)

Baemin "We Will Do Our Best to Pioneer the Asian Market"

[Asia Economy Reporter Kim Cheol-hyun] Delivery Hero (DH) has decided to accept the Fair Trade Commission's conditional approval decision requiring the sale of Delivery Hero Korea (DHK) in order to merge with Woowa Brothers, the operator of Baedal Minjok. This means selling Yogiyo to acquire Baemin.

According to industry sources on the 28th, DH has accepted the Fair Trade Commission's decision to sell 100% of DHK shares as a condition for the merger with Woowa Brothers and will proceed with the sale process. On the same day, Woowa Brothers stated, "Regarding our corporate merger, there was an announcement of the Fair Trade Commission's conditional approval and a statement of acceptance from Germany's Delivery Hero."

The sale conditions and the counterparty have not been decided. The Fair Trade Commission has ordered that all DHK shares be sold to a third party within six months to facilitate the acquisition of Woowa Brothers. If unavoidable circumstances are recognized, an extension within the six-month period can be requested.

In November, DH received a review report from the Fair Trade Commission including the condition to sell Yogiyo as part of the conditional approval for the merger and began internal review. At that time, DH stated, "We do not agree with the Fair Trade Commission's decision. We will raise objections and try to persuade the full committee," leading the industry to expect that DH would not easily decide to sell Yogiyo.

However, DH appears to have judged that acquiring Baemin to strengthen its position in the Korean market and then targeting Asia based on that is more beneficial than letting the M&A fall through. Accordingly, it is reported that DH recently decided to sell Yogiyo and proceed with the merger with Woowa Brothers.

With DH's acceptance of the Yogiyo sale, Baemin's strategy to enter the global market based on this M&A has gained momentum. A Woowa Brothers official said, "Taking this corporate merger as an opportunity, we will do our best to pioneer the Asian market," and emphasized, "We will become a company that expands globally by leveraging Baemin's success experience in Korea." The official added, "We will become a responsible company that provides more benefits to consumers, restaurant owners, and riders, and contributes to job creation."

This content was produced with the assistance of AI translation services.