Germany's DH Moves to Sell Baemin for 8 Trillion Won
Delivery Hero (DH), a global delivery service company headquartered in Germany, is moving to sell Woowa Brothers, the operator of Baemin (Baedal Minjok).
According to the investment banking (IB) industry on May 14, DH has selected JP Morgan as the lead manager for the sale and has sounded out interest from domestic and international conglomerates and private equity fund (PEF) managers. It has been reported that investment teasers (teaser letters) have been sent to Naver in Korea and to Uber, Alibaba, and DoorDash overseas.
DH is reportedly expecting a sale price of approximately 8 trillion won. DH acquired an 87% stake in Baemin in 2019 for about 4 billion dollars (then roughly 4.75 trillion won). Given the large expected sale price, industry observers believe that Chinese platform companies, rather than domestic firms, are more likely to enter the bidding process.
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DH is pursuing this sale to secure liquidity. In March, it had already sold its Foodpanda business unit in Taiwan to the mobility platform company Grab.
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