Naver decides not to acquire Baemin stake
Naver has decided not to acquire a stake in Korea's largest food delivery platform, Baemin, four months after a report alleged that the mobile platform company was considering forming a consortium with Uber to take over Baemin. “We reviewed scenarios on acquiring a stake in Baemin, but we have decided not to proceed with the acquisition, due to changes in the business environment and other…
Naver has announced it will not pursue an acquisition of a stake in South Korea's leading food delivery company, Baemin, despite earlier reports suggesting a potential consortium with Uber. The announcement was made in response to a May news report indicating Naver and Uber were contemplating a 20-80 ownership split to acquire a stake in Baemin's parent company, Woowa Brothers, from its German owner, Delivery Hero.
Naver had previously stated it was examining various options to enhance its business competitiveness, but no final decisions had been made. The situation changed when Uber agreed in July to buy Delivery Hero for $14.8 billion, which would also bring Woowa Brothers under Uber's control. Uber confirmed the deal is expected to be finalized.
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Also reported by 1 other outlet
- Naver decides not to acquire Baemin stake koreatimes.co.kr
