Kim & Chang represented a consortium formed among Affinity Equity Partners, Permira Advisers and GS Retail in its approximately KRW 800 billion acquisition of Delivery Hero Korea (App brand : Yogiyo) from Delivery Hero SE.

This transaction stemmed from the KFTC’s order to sell Delivery Hero Korea in connection with Delivery Hero SE’s acquisition of Woowa Brothers.  A number of competing bidders participated in the bid, so multiple bidders, based on strategic and financial considerations, formed a consortium that was selected as the preferred bidder and became the ultimate purchaser. 

The target company is a food order/delivery platform operator that has recently attracted much attention from regulatory authorities and the media.  Kim & Chang closely reviewed current regulations and expected changes in the regulatory environment to help the client’s investment and business plans.

The Purchaser in this transaction was a consortium formed between two private equity funds based in Hong Kong and the UK, respectively, along with a Korean strategic investor, the Seller was a German company, and the target company was a Korean company; as such the case constituted a multinational transaction, and there were many complex issues related to funds flow, tax, and f/x, which made it important to design an appropriate transaction structure and manage its execution.  Furthermore, since none of the members of the purchasing consortium held a majority stake, it was crucial to coordinate between the respective interests of the various investors and to reflect them in the agreement.

Kim & Chang represented Affinity Equity Partners and the entire consortium (after the consortium was formed), designed an optimal structure of the transaction, conducted legal due diligence, negotiated the terms and conditions of the transaction and contract with the Seller, negotiated the terms and conditions of the joint investment and contract with the other consortium members, and performed consortium-related matters such as establishing an investment entity and executing the SPA for purchases made through the consortium.