Former owners of South Korea’s Woowa Brothers sell $1.5b stake in Delivery Hero

The former owners of Woowa Brothers are selling shares worth about 1.25 billion euros ($1.5 billion) in Delivery Hero, which they received as part of the German online takeaway food company’s 2019 acquisition of the South Korean food delivery app.

Investors including Altos, Hillhouse, Broad Street Investments, BonAngels, Greenspring and Naver are offering 9.8 million shares in an accelerated bookbuild offering, the bookrunners organising the transaction said.

The Woowa takeover by Delivery Hero, which in December received regulatory clearance, was signed in December 2019. At the time Delivery Hero agreed to pay 1.7 billion euros in cash and 1.9 billion euros in shares based on a 20-day average share price of 47.47 euros.

Before closing, Delivery Hero’s shares spiked and the value of the share consideration appreciated, leading to a heavy impairment.

Goldman Sachs and Morgan Stanley are organising the block trade of the roughly 4% in Delivery Hero shares, out of the investor group’s prior holdings of 10%.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.