This article appeared on the ChosunBiz MoneyMove (MM) site at 4:47 p.m. on Jun. 1, 2026.
As Uber expands its equity in Delivery Hero (DH), the parent company of Woowa Brothers, attention is focusing on the direction of the sale of "Baemin." DH has been pushing the Baemin sale at the request of an activist fund. But an analysis is emerging that the situation is changing as Uber recently became the largest shareholder.
According to the investment banking (IB) industry on the 1st, Uber recently increased its DH equity share to 36.83%. Of that, voting shares account for 24.99%, and the remaining 11.84% is in derivatives such as total return swaps (TRS). After securing a 7% DH equity stake in Apr., Uber made additional purchases to become the largest shareholder. In contrast, the equity share of activist fund Aspex Management, which has argued for selling Baemin, fell to 7.56% from 14.55%.
The market is interpreting this equity shift as a change in control over DH's management rights. Aspex, which had been pressuring DH, has demanded an exit from low-margin businesses and an increase in corporate value through asset sales. The Baemin sale was also pushed in earnest during this process. Through its sale manager, DH distributed teaser letters to potential domestic buyers to gauge market demand.
However, with Uber emerging as the largest shareholder, assessments are that the situation has changed. Uber, signaling its eagerness to secure control of DH, is said to have recently delivered an acquisition proposal to the DH board. The industry believes Uber is reviewing a plan to secure DH's entire global delivery network rather than individual assets. In addition to Baemin, DH owns Talabat, the No. 1 delivery platform in the Middle East, as well as delivery operations in the Middle East and North Africa and some Asian businesses.
Uber is also participating in the Baemin acquisition battle underway in Korea, but considering the price, acquiring the parent company, DH, is more rational.
The market values Baemin at about 8 trillion won. By contrast, Uber's recent acquisition price offered to DH is said to be about 10 billion euros (about 15 trillion won). While the headline numbers show nearly a twofold gap, acquiring DH is seen as more capital-efficient because it would secure global assets such as Talabat and the Middle East and North Africa operations together.
Uber operates its Uber Taxi business domestically, but its presence in the mobility market remains limited. Baemin, by contrast, is the No. 1 domestic delivery platform, with a vast user base, merchants, and a delivery network. The industry expects Uber could strengthen a platform strategy that combines food delivery and mobility through Baemin.
For this reason, some analysts say the more Uber expands its control of DH, the lower the likelihood of a Baemin sale may become. Selling Baemin's management rights would not only deprive the group of a core revenue source, but could also weaken the foundation for rolling out a platform strategy that combines delivery and mobility in the Korean market. The industry places more weight on the possibility that Uber will use Baemin not as a simple investment asset but as a key base for expanding its domestic business.