Updated on
Delivery Hero SE will take control of South Korea’s biggest food delivery app, Woowa Brothers Corp., at a $4 billion valuation in a major push into Asia. The German company’s shares jumped by a record.
Delivery Hero will buy an 87% stake in Woowa from the existing investors and the remaining 13% held by Woowa’s senior management, including its founder Kim Bong-jin, will be converted into Delivery Hero shares, it said in a statement Friday, confirming an earlier Bloomberg News report. Delivery Hero will pay as much as 1.7 billion euros ($1.9 billion) in cash and up to 1.9 billion euros in stock.