German online delivery platform Delivery Hero is seeking to sell Woowa Brothers, the operator of Korea's largest food delivery app Baedal Minjok, also known as Baemin, industry sources said on Thursday.
Delivery Hero has appointed JPMorgan Chase as the sales adviser for Woowa Brothers and recently distributed teaser materials to major domestic and overseas strategic investors and private equity firms, including Korean portal operator Naver, sources familiar with the matter said.
The German company is said to be seeking around 8 trillion won ($5.4 billion) for the sale. Delivery Hero acquired an 87 percent stake in Woowa Brothers for about $4 billion in 2019.
“We are conducting a comprehensive strategic review of our portfolio, asset allocation and overall cost structure,” a Delivery Hero representative told Yonhap News Agency by phone.
In March, Delivery Hero sold its Taiwan food delivery business, foodpanda, to Singapore-based mobility and delivery platform Grab Holdings.
![Baedal Minjok logo image [BAEDAL MINJOK]](https://image.koreajoongangdaily.com/12611541.webp?imageId=12611541&width=960&height=564&format=jpg)
