Delivery Hero, a provider of online food ordering services, agreed to acquire Woowa, a designer and developer of software applications. The transaction is valued at $4bn on a cash and debt-free basis. The closing of the transaction is subject to certain conditions, including financing and regulatory approvals, and is expected to occur in H2 2020. "We are excited to partner with Delivery Hero to leverage their platform and global expertise to facilitate expansion in Asia, as well as to further penetrate the high potential Korean market. The partnership will also help achieve economies of scale to effectively compete against global and domestic IT giants. Together we aim to cultivate and invest into development of online food delivery services for the benefit of consumers, restaurants, and riders," Bongjin Kim, Woowa CEO & Founder. On December 28, 2020, Delivery Hero received an approval for the deal conditional on the sale delivery app Yogiyo.