Woowa Brothers, operator of Baemin food delivery service, faces a binding bid deadline on the 21st as JP Morgan collects final acquisition proposals for parent company Delivery Hero's stake valued at 8 trillion won. The sale process has become uncertain after Uber increased its Delivery Hero shareholding to 36.83%, achieving largest single shareholder status. The transaction represents one of South Korea's largest M&A deals, with potential bidders previously including Uber, Naver, and Alibaba as strategic investors.
Uber Increases Delivery Hero Stake to 36.83%
Uber recently raised its Delivery Hero stake to 36.83%, becoming the largest single shareholder and strengthening control over Baemin's parent company. Uber had previously considered acquiring Woowa Brothers in partnership with Naver, but the increased parent company stake eliminates incentives for subsidiary acquisition. JP Morgan, serving as sale advisor, will collect binding acquisition proposals by the 21st for the 8 trillion won transaction.
Anchor Equity Partners Plans Dr. Egg Preliminary Bid
Anchor Equity Partners will conduct a preliminary bid for mushroom cultivation company Dr. Egg early this month, with Lazard Korea serving as sale advisor and corporate value discussed at up to 400 billion won. Anchor Equity Partners acquired management control of Dr. Egg's predecessor Daeheung Nongsan in 2016 for 50 billion won. Dr. Egg operates smart farm and cold chain-based mushroom cultivation, exporting to North America, Japan, Southeast Asia, and Oceania, and established a Vietnam subsidiary last year.
Highland Equity Partners Schedules D&T Preliminary Bid for Mid-July
Highland Equity Partners will conduct a preliminary bid for medical display company D&T's management control in mid-July. Highland EP acquired 92% of D&T for approximately 170 billion won in 2024.
FAQ
What is the deadline for Woowa Brothers binding bids?
JP Morgan will collect binding acquisition proposals for Woowa Brothers by the 21st, with the transaction valued at 8 trillion won for Delivery Hero's stake.
Why did Uber's stake increase affect the Woowa Brothers sale?
Uber increased its Delivery Hero shareholding to 36.83%, becoming the largest single shareholder and strengthening control over Baemin's parent company, which eliminates incentives for Uber to participate in acquiring the subsidiary Woowa Brothers.
