(Dec 13): Delivery Hero SE has agreed to buy control of Woowa Brothers Corp in a deal that values the operator of South Korea’s biggest food-delivery app at US$4 billion ($5.4 billion).

Delivery Hero will buy an 87% stake in Woowa from the existing investors and the remaining 13% held by Woowa’s senior management, including its founder Kim Bong-jin, will be converted into Delivery Hero shares, it said in a statement on Friday, confirming an earlier Bloomberg News report. The German company will pay as much as 1.7 billion euros ($2.6 billion) in cash and up to 1.9 billion euros in shares.

The deal makes Kim the largest individual shareholder among the German firm’s leadership, and would rank among the biggest inbound investments into South Korea’s technology sector, according to data compiled by Bloomberg.

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