SEOUL -- Germany's Delivery Hero said on Monday that it would sell its South Korean unit in order to secure regulatory approval for its $4 billion acquisition of the country's largest online food delivery company Woowa Brothers.
Delivery Hero operates Delivery Hero Korea, the No. 2 player in the market, and reached a deal last year to acquire Woowa Brothers, which runs the Baebal Minjok, or Baemin, app. The two companies would have had a combined market share of over 97%, which proved a sticking point for South Korea's Fair Trade Commission.
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