Delivery Hero has put Seoul-based Woowa Brothers, the company behind South Korea’s largest food delivery app Baedal Minjok, up for sale.

The company hired JP Morgan Chase to run the process. Local reports valued the business at about 8 trillion won ($5.8 billion).

Uber and Naver are among the companies cited as potential bidders, though Naver said it was reviewing options and that nothing had been decided.

Baedal Minjok is South Korea’s largest app for food delivery, making the sale significant in a market where Coupang Eats has emerged as a challenger.

The sale also revives antitrust questions because South Korea’s Fair Trade Commission (FTC) cleared Delivery Hero’s roughly $4 billion acquisition of Woowa in 2020 only after requiring a Yogiyo divestiture.

In that earlier review, regulators examined whether combining Baemin, Yogiyo, and Baedaltong would control about 97% of the app-based delivery market.

Any new deal could face scrutiny over market definition and whether it might raise prices or reduce service quality.

🔗 Source: The Korea Times

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