In the latest development, Delivery Hero has signed agreements with shareholders, including senior management of Woowa Brothers Corp. (“Woowa”) to expand its footprint in Asia and solidifies its position as the largest global food delivery platform outside of China by a number of orders.
The transaction is valued at an enterprise value of $4 billion (or €3.6 billion) on a cash and debt-free basis, before certain adjustments. At the closing of the Transaction, Delivery Hero will own up to 88% of the share capital in Woowa with the remaining 12% to be held by Woowa management and to be exchanged in Delivery Hero shares over a four-year time horizon, to achieve the 100% ownership.