Woowa Brothers' delivery trucks operate in Busan, Saturday. Courtesy of Woowa Brothers
Woowa Brothers, the operator behind Korea's largest food delivery platform Baedal Minjok, is now for sale as German parent firm Delivery Hero has begun restructuring its portfolio.
Most speculation over potential buyers has pointed towards a consortium between Uber, which owns and operates Uber Eats global food and grocery delivery business, and Naver, the largest local online portal and major e-commerce shopping platform.
According to industry officials on Monday, Delivery Hero appointed JPMorgan Chase earlier this month as lead manager for the sale of Woowa Brothers, and has distributed teaser materials to major strategic investors and private equity firms.
The estimated price for Woowa Brothers is 8 trillion won ($5.8 billion), roughly double the price that Delivery Hero paid when it acquired the company in 2019.
