Delivery Hero explores sale of Baemin operator Woowa Brothers
Summary
Delivery Hero is exploring the sale of Woowa Brothers, the operator of South Korea’s Baedal Minjok (Baemin), and is seeking around Won8tn (about $5.37bn). The company has appointed JPMorgan Chase as sales adviser and circulated teaser materials to domestic and international strategic and private equity buyers, including Naver. Delivery Hero acquired an 87% stake in Woowa in 2019 for $4bn and launched a strategic review in December 2025 that has already included the sale of Foodpanda Taiwan to Grab. CEO Niklas Östberg will step down by March 2027 but will remain involved to support the strategic review and associated M&A processes.
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