SEOUL/MUNICH: Germany's Delivery Hero will sell South Korean food delivery app Yogiyo as part of the conditions for regulatory approval of its $4 billion takeover of top South Korean food delivery app owner Woowa Brothers. The sale clears a major hurdle for Delivery Hero in gaining the dominant position in the world's third-largest online food delivery market, as competition heats up amid accelerated demand triggered by the coronavirus pandemic. Delivery Hero agreed last year to buy Woowa in a buyout that throws it a lifeline in an intensely competitive market. Shares in Delivery Hero rose 3.6% after its statement accepting the decision, and adding in a regulatory filing that it expected to close the deal in the first quarter of next year. 2 food delivery app Yogiyo within six months, with the possibility of an extension.

Source: Mint December 28, 2020 11:07 UTC