South Korean retailer GS Retail says it has partnered with two private-equity firms to buy Delivery Hero’s food delivery app, Yogiyo, in a deal valued at 800 billion won (US$685 million).
The consortium, which includes PE firms Affinity Equity Partners and Permira, will buy existing shares in Delivery Hero Korea, which operates the food delivery app, and infuse an additional 200 billion won, GS Retail said in a statement.
GS Retail’s investment will be a total of 300 billion won and includes a 30-per-cent stake, it said.
Germany’s Delivery Hero was ordered to sell Yogiyo as a condition to win regulatory approval for its $4 billion takeover of top South Korean food delivery app owner Woowa Brothers in 2019.
- Reporting by Joyce Lee; editing by Jason Neely and Anil D’Silva, of Reuters.