This article was displayed on the ChosunBiz MoneyMove (MM) website at 8:23 a.m. on Jun. 14, 2026.
Germany's Delivery Hero (DH) is proceeding as scheduled with the sale process of Baemin operator Woowa Brothers despite variables related to Uber. As Uber moved to acquire all of DH's equity, some in the industry said the momentum to sell Baemin had weakened, but DH appears to judge that selling Baemin would not damage DH's overall corporate value.
According to the investment banking (IB) industry on the 14th, bidders that participated in the preliminary bidding for the sale of Woowa Brothers have recently begun due diligence through the virtual data room (VDR). The sale manager is JPMorgan, and the main bid runs until Jul. 21.
The biggest variable in this deal is Uber. On the 18th of last month, Uber secured 19.5% of DH's equity to become the largest shareholder and is pushing to acquire all of DH. It proposed a tender offer of 33 euros per share to all DH shareholders, but it fell short of the price shareholders expected and did not go through.
Earlier, Uber had considered acquiring Baemin in partnership with Naver, but after becoming DH's single largest shareholder, some analysts said the incentive to buy Baemin virtually disappeared. Since it can indirectly hold Baemin through DH, there was no reason to jump into a bidding war for a subsidiary.
Furthermore, the market also predicted that the Baemin sale itself could be withdrawn. If Baemin, DH's core asset, is sold separately while Uber is seeking to acquire all of DH, DH's business portfolio and corporate value that Uber expected could change. Because Baemin is considered a key asset with strong cash generation within the DH group, if Uber aims to acquire DH to bolster its dominance in the global delivery market, some said it could oppose handing Korea's largest delivery platform to an outside party.
However, the sellers appear to view it differently. If DH sells its equity stake in Baemin, the asset would be converted into cash, so as long as a fair price is recognized, DH's asset value would not decrease. Although there is the burden of losing the group's flagship cash cow, if a high sale price that reflects future growth potential flows in, it could provide justification for enhancing shareholder value. The Baemin sale price being discussed in the market is approaching 8 trillion won.
It is also difficult for the sale process to be halted immediately just because Uber has become a major shareholder of DH. Some interpret a change in DH's shareholder composition and the management continuing an ongoing strategic review as separate issues. Uber could later ask management to stop the Baemin sale, but management would have to independently determine whether that aligns with the company's interests. For a halt to become clear, Uber would need to take stronger steps such as replacing management, which remains a largely hypothetical scenario.
On the contrary, there is talk that Uber could participate in this main bid. Uber has yet to directly examine Baemin's business structure, contractual relationships, and regulatory issues. An IB industry official said, "Even if Uber acquires DH and indirectly holds Baemin, it would be buying without directly checking Baemin's business structure, contractual relationships, and regulatory issues," adding, "In a transaction worth trillions, due diligence expenses in the tens of billions of won are not a heavy burden for a bidder, so Uber has an incentive to join the bidding to secure information."
Meanwhile, Naver is reportedly discussing forming a consortium with a partner other than Uber. Previously, a structure had been discussed in which Uber would take most of the equity and Naver would participate as a minority investor, but as Uber shifted toward acquiring DH, Naver is seeking a new strategic partner. Candidates include DoorDash, Alibaba, and Meituan, global delivery and commerce platform operators.
From Naver's perspective, rather than acquiring Baemin alone, many see it as more realistic to participate as a minority investor and link its own services—search, maps, Place, shopping, and Pay—with Baemin's order and store data. In that case, it is advantageous to partner with a strategic investor (SI) that has experience operating a global delivery platform.
However, the interests differ by candidate. DoorDash has a weaker business base in Korea, making role-sharing with Naver relatively clear, while Alibaba and Meituan could overlap with Naver in the commerce and local services space over future leadership.