The $4 Billion Deal: The Story and Significance of Baedal Minjok's Sale
The $4 Billion Deal: The Story and Significance of Baedal Minjok's Sale In late 2019, news broke that sent shockwaves through South Korea's tech and business communities: Woowa Brothers, the parent company of the nation's beloved food delivery app Baedal Minjok (배달의민족) , was being acquired by the German firm Delivery Hero for a staggering $4 billion. It was, at the time, the largest-ever deal for a Korean internet startup. The moment was hailed as both a fairytale success for a homegrown unicorn and a controversial selling-off of a national treasure. Looking back from September 2025, the story of the "Baemin" deal is far more than a simple transaction. It’s a complex saga of regulatory battles, public backlash, and market-shaking aftershocks. The deal's true significance lies not just in its price tag, but in how it closed one chapter of Korean startup history and violently kicked open the door to the next. A Korean Unicorn's Fairytale Exit: The 'Goo...