Online food-delivery service Delivery Hero SE raised nearly €2.3 billion from the sale of convertible bonds and new shares in a fundraising exercise to help pay for its Asian expansion, Reuters reported Jan. 15.

The proceeds will go toward Delivery Hero's €3.6 billion acquisition of South Korean food-delivery platform Woowa Brothers Corp. In December 2019, Germany's Delivery Hero announced plans to acquire Woowa for a U.S.-dollar equivalent of €1.7 billion in cash and €1.9 billion in shares.

According to the Reuters report, Berlin-based Delivery Hero raised €1.75 billion from the sale of two convertible bonds and sold new shares worth about €571 million, equivalent to about 4.3% of its equity capital.