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 its decision not to acquire a stake in Korea's largest food delivery platform, Baemin, despite initial reports suggesting the company was considering a partnership with Uber. In a regulatory filing, Naver cited changes in the business environment and other factors as the reasons for its decision. The filing followed a May report that indicated Naver and Uber were exploring a 20-80 ownership split to acquire a stake in Baemin's operator, Woowa Brothers, from its German parent company, Delivery Hero.
However, the plans were put on hold when Uber finalized its acquisition of Delivery Hero for $14.8 billion, which would also result in Uber taking control of Woowa Brothers, a wholly-owned subsidiary of Delivery Hero in Korea.
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- Naver decides not to acquire Baemin stake koreatimes.co.kr
