January 15, 2020 / 6:17 PM / 4 days ago

Delivery Hero in 2.3 billion cash call to fund Woowa deal

FILE PHOTO: The Delivery Hero headquarters is pictured in Berlin, Germany, June 2, 2017. REUTERS/Fabrizio Bensch

FRANKFURT (Reuters) - Food delivery group Delivery Hero (DHER.DE) raised almost 2.3 billion euros ($2.56 billion) over night from the sale of convertible bonds and new shares to help fund its $4 billion takeover of South Korea’s food delivery app owner Woowa Brothers.

The German group said on Wednesday it received gross proceeds of 1.75 billion euros from two convertible bonds issues and 571 million euros from a capital increase in which it sold new shares equal to 4.3% of its equity capital.

Reporting by Christoph Steitz and Ludwig Burger, editing by Emma Thomasson

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