Delivery Hero (DH), a German delivery platform, has begun the sale of Woowa Brothers, the operator of Baemin.
On the 13th, according to the investment banking (IB) industry, DH distributed a teaser letter through JP Morgan, the sell-side advisor for Woowa Brothers, to major domestic and overseas strategic investors (SI) and private equity fund (PEF) managers.
Global platform corporations including Uber and Naver, China's big tech Alibaba, and DoorDash, the largest food delivery app operator in the United States, are said to have received the teaser letter.
DH is reportedly expecting a corporate value of about 8 trillion won for Woowa Brothers. That is roughly 12 times the average operating profit of the past two years. DH acquired about 88% equity in Woowa Brothers in 2019 for 3.6 billion euros (then about 4.8 trillion won).
The industry sees DH as moving to reorganize assets to improve its financial structure and secure liquidity. As of the end of last year, DH's liabilities were known to be about 6.1 billion euros. Earlier, in March, DH sold its Taiwan Foodpanda business unit to Singapore-based platform corporation Grab.
However, some say it is uncertain whether a transaction will actually be completed. The asking price is high, and concerns persist about slowing profitability amid intensifying competition in the domestic delivery platform market. Woowa Brothers' operating profit fell for three consecutive years: 699.8 billion won in 2023, 640.8 billion won in 2024, and 592.8 billion won in 2025.
Given the nature of the delivery platform business, the complex entanglement of stakeholders—self-employed owners, riders, and consumers—is also cited as a burden for potential acquirers.