Delivery Hero Starts Baemin Sale, Seeks About 8 Trillion Won for Woowa Brothers

Global delivery service company Delivery Hero (DH) has begun the sale process for Woowa Brothers, the operator of Baedal Minjok, or Baemin. According to the investment banking industry on the 13th, DH selected JPMorgan as the sale adviser and distributed investment teasers to major domestic and overseas corporations and global private equity funds. Companies said to have received the materials include Naver, ride-sharing platform Uber, Chinese big tech Alibaba and DoorDash, the largest food delivery app operator in the United States. DH acquired an 88% stake in Baemin in 2019 for 3.6 billion euros, about 4.8 trillion won. It is now seeking a valuation of about 8 trillion won for Woowa Brothers, roughly 12 times the average operating profit of the past two years. Industry observers say the deal may be difficult to complete because of the high price. The sale appears linked to DH’s need to ease funding pressure. Source: rss.donga.com