Delivery Hero board reportedly weighing spin-off

Delivery Hero’s board is weighing another round of portfolio changes, according to a May 23 Financial Times report that said the company is considering a spin-off of its Middle East and South Korea businesses. The report, which circulated on X late on May 22 and into May 23, did not cite a company filing or a board statement attached to the social post. Delivery Hero had not posted a matching ad-hoc release on its investor-relations site that was visible in public materials reviewed on May 23. ### What is actually being reported? The Financial Times report, as reflected in syndicated summaries and social-media discussion, said Delivery Hero’s board is considering a potential spin-off of business units in the Middle East and South Korea as part of a broader review of options. One summary also said the board was weighing other routes, including a possible full sale of the company, though Delivery Hero itself had not confirmed that in a filing reviewed on May 23. (bitget.com) The May 22 X post that helped spread the claim identified no named sources, no timeline and no formal board resolution. That matters because Delivery Hero, as a Frankfurt-listed company, typically uses investor-relations releases and ad-hoc disclosures for price-sensitive decisions. No such announcement was visible on the company’s newsroom or investor portal pages reviewed on May 23. ### Why are the Middle East and South Korea the focus? (bitget.com) Talabat is already partly separated from the rest of Delivery Hero. On November 10, 2024, Delivery Hero said its management board, with supervisory board consent, had decided to pursue an IPO of 15% of Talabat Holding plc on the Dubai Financial Market. Delivery Hero said at the time it would retain a majority interest, keep half the directors on Talabat’s board and continue to consolidate the business in its financial statements. (ir.deliveryhero.com) South Korea has also been singled out in recent reporting because Delivery Hero has been exploring options for Woowa Brothers, the operator of Baedal Minjok, or Baemin. Korean media reported this month that Delivery Hero had appointed JPMorgan Chase as sales adviser and was sounding out buyers including Naver, with one report citing an estimated valuation of about 8 trillion won, or roughly $5.3 billion. (ir.deliveryhero.com) ### What has Delivery Hero said publicly about strategy? Delivery Hero said on May 18 that Uber had increased its investment, and the company said it remained focused on “executing on the strategic review to deliver long-term value for all shareholders.” The company did not, in that statement, spell out any spin-off plan for the Middle East or South Korea. (koreajoongangdaily.joins.com) In recent earnings materials, Delivery Hero has emphasized improving profitability, cash generation and stronger performance in Asia. In its February 27 preliminary full-year 2025 update, the company said adjusted EBITDA exceeded 900 million euros and free cash flow topped 200 million euros, while CEO Niklas Östberg said the group had returned South Korea to growth and maintained growth in Saudi Arabia. (eqs-news.com) ### How would a spin-off differ from what Delivery Hero already did with Talabat? The Talabat transaction was an IPO of a minority stake, not a full separation. Delivery Hero said in November 2024 that it planned to sell 15% of Talabat, retain control and use proceeds for general corporate purposes and capital-structure optimization. That structure left Talabat publicly listed in Dubai while still majority-owned by Delivery Hero. (deliveryhero.com) A spin-off, if the board chose that route, could involve distributing ownership differently or separating assets more fully. Delivery Hero has not published terms, valuation ranges, governance details or a timetable for any such move in the materials reviewed on May 23. That means the current report remains a report about deliberations, not an announced transaction. ### What should investors watch next? Delivery Hero’s investor-relations site is the first place to watch for confirmation. (ir.deliveryhero.com) The company publishes ad-hoc releases, corporate news and financial-calendar updates there, and those channels carried the Talabat IPO decision in 2024 and more recent strategic announcements in 2026. Korean regulatory filings and company statements from Naver may also matter. Naver said in a May 19 filing that it was reviewing various options to strengthen competitiveness and would issue a follow-up disclosure within one month, after reports linked it to a possible Woowa Brothers deal. (bitget.com) (koreajoongangdaily.joins.com) (ir.deliveryhero.com)