Naver Drops Baemin Acquisition Plan, Driving Uber to Move Solo

Naver officially stated it abandoned acquiring a stake in delivery service Baemin due to changed business conditions. Uber, which previously agreed to buy 100% of Delivery Hero for $14.8 billion, will become the sole leader in South Korea's delivery market.

• Naver considered a consortium with Uber to buy Baemin for up to $6.15 billion
• Uber signed a deal in July to buy 100% of Delivery Hero at €41.5 per share
• Delivery Hero deal valued at $14.8 billion, closing expected in H2 2027
• Baemin is the No. 1 delivery service in South Korea and will come under Uber's control