South Korean retailer GS Retail Co Ltd has partnered with two private-equity firms to buy Delivery Hero’s food delivery app, Yogiyo, in a deal valued at $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 $170 million, GS Retail said in a statement.
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GS Retail’s investment, announced on Friday, will be a total of $257 million and includes a 30% stake, it said in a statement.
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.
- Reuters
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