GS Retail / Affinity Equity Partners / Permira consortium to acquire 100% of Delivery Hero Korea (Yogiyo) for KRW 800bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $552m
- Stake
- 100%
- Implied 100%
- $552m
- Revenue
- $241m
- Op. income
- —
- Multiples
- PSR 2.3x
Deal value ÷ stake (structure unconfirmed)
2020 · Multiple reports agree
2020 · Multiple reports agree
On implied equity value
- Target
- Delivery Hero Korea (Yogiyo) · Food delivery platform
- Buyer
- GS Retail / Affinity Equity Partners / Permira consortium · FI
- Seller
- Delivery Hero SE
- Structure
- —
- Announced
- Aug 13, 2021
- Closed
- —
- Stage
- Signed
Target
Operator of the Yogiyo delivery app with 2020 GMV of KRW 2.9tn and revenue of KRW 350bn, the No. 2 delivery app with roughly 25-30% share. Germany's Delivery Hero was required by the KFTC to divest it as a condition of acquiring Woowa Brothers.
Deal rationale
GS Retail said it weighed Yogiyo's high market share and growth potential, online-offline commerce synergies and DHK's stable finances (Inews24). Executive Park Sol-ip said the deal would strengthen its quick-commerce capability and link offline stores with online customers. GS Retail expected the quick-commerce market to reach at least KRW 5tn by 2025 and planned to use some 16,000 stores and 60-plus logistics centres as hubs. The sale followed the KFTC's conditional approval of Delivery Hero's Woowa Brothers acquisition requiring divestment of 100% of DHK (Bizhankook). Per Dealsite, the consortium's SPC was to acquire 100% for KRW 800bn on 31 Oct 2021 with a KRW 200bn capital increase.
| Revenue | $241m |
| Operating income | — |
| EBITDA | — |
| Net income | — |
2020 · Multiple reports agree (not yet checked against DART)
Press coverage
- 아이뉴스24 (2021-08-13): “딜리버리히어로코리아(이하 ‘DHK’)의 지분 100%를 인수하는 계약을 체결했다고 밝혔다”
- 비즈한국 (2021-08-20): “인수 금액은 8000억 원이다.”
- 딜사이트 (2021-08-18): “오는 10월 31일에 ‘컴바인드딜리버리플랫폼인베스트먼트’라는 SPC(특수목적회사) 지분 100%를 8000억원에 취득키로 했다”
- 이코노미스트 (2021-08-17): “GS리테일은 인수금액의 30%에 해당하는 2400억원을 투자하기로 했다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.