DGAP-Adhoc Delivery Hero SE receives the written regulatory approval from the Korea Fair Trade Commission and is likely to have to recognize a significant impairment loss due to the increased price of the Delivery Hero share
DGAP-Ad-hoc: Delivery Hero SE / Key word(s): Mergers & Acquisitions/Regulatory Approval
Delivery Hero SE receives the written regulatory approval from the Korea Fair Trade Commission and is likely to have to recognize a significant impairment loss due to the increased price of the Delivery Hero share and the resulting higher consideration value
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Berlin, February 3, 2021 - Yesterday afternoon in South Korea, the Korea Fair Trade Commission ("KFTC") has provided Delivery Hero SE ("Delivery Hero") with its written decision confirming its conditional regulatory approval of Delivery Hero's joint venture with Woowa Brothers Corp. ("Woowa"), the operator of South Korea's largest food delivery platform. The approval is essentially subject to the same conditions as announced on December 28, 2020, i.e. the divestiture of Delivery Hero's 100% South-Korean subsidiary Delivery Hero Korea LLC. ("Yogiyo") and the maintenance of the status quo of Yogiyo until the completion of its divestiture. The objective is to close the transaction during March 2021.
Delivery Hero had announced the purchase of shares in, and the establishment of a joint venture with the management of, Woowa on December 13, 2019. The transaction valued Woowa on a cash free and debt free basis at USD 4.0 billion (EUR 3.6 billion) before certain adjustments. The consideration was agreed to consist of up to approx. EUR 1.7 billion in cash and up to approx. EUR 1.9 billion in new shares in Delivery Hero, based on the back-then agreed 20-days volume weighted average price of the Delivery Hero share of EUR 47.47.
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