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Acceptance of DH FTC Lawsuits, Delivery Nation and Yogiyo Mingle
German Delivery Hero (DH) agreed to sell the second ranked Yogiyo to take over the number one delivery app in Korea, ‘Delivery of People’ in response to the Fair Trade Commission’s request.
DH said on the official website on the afternoon of the 28th, “DH expects to receive a final written notice (from the FTC) in the first quarter of 2021.”
Delivery Hero Korea (DHK) explained that this position means that it will accept the requirements of the Fair Trade Commission.
Previously, the FTC decided to conditionally sell DHK’s entire stake in DHK, which Yogiyo operates, to a third party within six months for DH to acquire Grace Brothers, a national delivery operator.
When DH agreed to the FTC’s requirements, the stylish brothers and DHK got mixed up.
The elegant brothers said, “We will do our best to pioneer the Asian market with this corporate integration” and “We will become a global company based on the successful experience of the delivery people in Korea.”
On the other hand, DHK issued a position statement that said: “We respect the FTC’s decision, but we are very sorry that DH has to make a difficult decision to sell DHK for a business combination with elegant brothers.”
DH and his graceful brothers plan to establish a Singapore-based joint venture (Joint Venture) through mergers and acquisitions.
CEO Kim Bong-jin, founder of Graceful Brothers, serves as Chairman of the Board and Chief Executive Officer of the joint venture.
Currently, Food Panda Asia CEO (CEO) Jacob Angele and Grace Brothers current CFO (CFO) and Chief Strategy Officer, Vice President Oh Se-yoon, have been selected as joint representatives of the company. joint.
In the future, the joint venture will expand business in Asia, such as food delivery, shared kitchens and express trade (immediate delivery services, such as daily necessities).
CEO Kim Bong-jin said, “There is huge potential in the Korean food delivery market” and “I am very happy to cooperate with DH to use our knowledge of logistics, technology and business expansion.”
“Our partnership will advance the entire (delivery) ecosystem,” said CEO Kim. “We will work together with (DH) to innovate in the Asian delivery industry.”
/ yunhap news
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