According to Reuters, the purpose of this move is to help fund its USD 4 billion takeover of South Korea’s food delivery app owner Woowa Brothers. The German group stated it received gross proceeds from two convertible bonds issues and another amount of money from a capital increase, in which it sold new shares equal to 4.3% of its equity capital.
Earlier in 2020, Delivery Hero agreed a USD 4 billion deal to buy Woowa Brothers, ratcheting up consolidation in the industry as it expands in Asia’s fast-growing but crowded market, Reuters reports.
South Korea’s online market for food delivery and pickup has more than doubled over the past five years to USD 5.9 billion – bigger than Japan and Germany’s markets combined.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.