South Korea’s GS Retail Co Ltd is acquiring Delivery Hero's food delivery app Yogiyo for $684.3 million (800 billion won). The deal will intensify competition in the world's third-largest online food delivery market.
Yogiyo is the second-largest food delivery app in the country. It controls 18% of the food delivery market. South Korea's antitrust watchdog has forced Delivery Hero to sell Yogiyo after purchasing Woowa, which owns the largest food delivery app Baedal Minjok.
GS Retail consortium, along with two private equity firms, has reached a deal with Delivery Hero. It will acquire a 100% stake in Yogiyo. According to the company, the investment will be $300 billion with a 30% stake. There will be an additional 200 billion won to buy Yogiyo's new shares.
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