Sullivan & Cromwell and Latham & Watkins have the lead roles on a $4 billion deal that will see German online delivery company Delivery Hero S.E. acquire South Korean rival Woowa Brothers Corp.
As part of the deal, Berlin-based Delivery Hero will pay $1.88 billion (€1.7 billion) in cash and $2.1 billion (€1.9 billion) in shares for a 88% stake in Seoul-based Woowa, which operates popular delivery app Baedal Minjok; the German company will acquire the remaining 12% stake over the next four years, according to a statement. Delivery Hero will also launch a Singapore-based subsidiary responsible for running the company’s Asia operations; Woowa founder and chief executive Bongjin Kim will lead the venture.
