Naver and CyberAgent are set to exit food delivery app developer Woowa Brothers, which has agreed to be acquired by Delivery Hero.
Online food delivery service Delivery Hero agreed on Friday to buy South Korea-based counterpart Woowa Brothers in a $4bn deal that will allow internet companies Naver and CyberAgent to exit.
Woowa Brothers has built an app-based food ordering service that was responsible for 365 million orders in the year ending September 2019. It has more than 110,000 restaurant partners and made approximately $275m in revenue in 2018.
Delivery Hero intends to expand its Korean activities through the acquisition in addition…
