Seoul, South Korea. Photo: ShutterstockSullivan & Cromwell, Latham & Watkins on $4B Korea Ecommerce Deal
German online delivery company Delivery Hero S.E. is buying South Korean rival Woowa Brothers Corp.
December 23, 2019 at 05:12 AM
2 minute read
Sullivan & Cromwell and Latham & Watkins have the lead roles on a $4 billion deal that will see German online delivery company Delivery Hero S.E. acquire South Korean rival Woowa Brothers Corp.
As part of the deal, Berlin-based Delivery Hero will pay $1.88 billion (€1.7 billion) in cash and $2.1 billion (€1.9 billion) in shares for a 88% stake in Seoul-based Woowa, which operates popular delivery app Baedal Minjok; the German company will acquire the remaining 12% stake over the next four years, according to a statement. Delivery Hero will also launch a Singapore-based subsidiary responsible for running the company's Asia operations; Woowa founder and chief executive Bongjin Kim will lead the venture.
The deal, expected to close in the second half of 2020, is subject to regulatory approvals including clearance from the Korea Fair Trade Commission, the country's antitrust watchdog. If goes through, the deal will give Delivery Hero control of Korea's top three online delivery services. The company already operates two of Baedal Minjok's competitors YoGiYo and Baedaltong.
Sullivan & Cromwell Frankfurt partners Konstantin Technau and Carsten Berrar are leading a team representing Delivery Hero. Brussels partner Michael Rosenthal is advising on antitrust matters and Frankfurt partner Max Birke advises on financing.
Bae, Kim & Lee partner Mok-Hong Kim advises the buyer on Korean law while WongPartnership partner Teo Hsiao-Huey advises on Singaporean law.
Latham & Watkins Frankfurt partner Leif Schrader and Seoul partner Steve Kang are leading a team advising Woowa. Kim & Chang partner Sung Uk Park advises the seller on Korean law including antitrust matters.
A separate team at Sullivan & Cromwell, led by Hong Kong partner Garth Bray, is representing a group of Woowa shareholders. The team also includes York Schnorbus in Frankfurt Juan Rodriguez in London.
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