hy completes acquisition of delivery service platform Mesh Korea

Delivery service platform Vroong [Photo provided by Meshkorea]

hy Co., formerly Korea Yakult, completed the acquisition of Meshkorea, which runs the last-mile delivery service platform Vroong.

After the Fair Trade Commission approved the acquisition, hy made the final payment for Meshkorea. In the deal, hy acquired 66.7 percent of the stake in Meshkorea for 80 billion won ($60.7 million) to become the largest shareholder of the platform provider.

For hy, this takeover can be an opportunity to advance itself into the logistics business. The company is expected to develop a new business model that strengthens its services by tapping into Meshkorea’s logistics system.