Delivery Hero is considering the sale of Woowa Brothers, the operator of South Korea’s food delivery platform Baedal Minjok (Baemin), according to local news agency Yonhap, citing sources familiar with the matter.
According to the report, the German delivery group is seeking around Won8tn ($5.37bn) for Woowa Brothers and has appointed JPMorgan Chase as sales adviser for the operator.
The food delivery company has also circulated teaser materials to potential buyers. These include domestic and international strategic investors and private equity companies, including Korean portal operator Naver.
Delivery Hero acquired an 87% stake in Woowa Brothers for $4bn in 2019.
“We are conducting a comprehensive strategic review of our portfolio, asset allocation and overall cost structure,” a Delivery Hero official told the news agency.
Delivery Hero officially announced the launch of its strategic review and an evaluation of strategic options in December 2025. The process includes reviewing capital allocation measures and evaluating strategic options.
In March, the company signed an agreement to sell its Foodpanda operations in Taiwan to ride-hailing and delivery company Grab for $600m in cash. At the time, the German business said the deal formed the first step in the strategic review.
Earlier this week, Delivery Hero co-founder and CEO Niklas Östberg said he will step down and hand over leadership by 31 March 2027. The supervisory board plans to identify a successor by the end of this year.
Meanwhile, Östberg will continue to support the “next phase of the strategic review and associated M&A processes”, the company said in a statement.
Delivery Hero’s first-quarter 2026 gross merchandise value (GMV) totalled €12.5bn, up 8.8% year-on-year. Reuters reported the result exceeded analysts’ average estimate of €12.3bn.
