Uber became the largest shareholder by additionally acquiring equity in Delivery Hero, the German food delivery company that is the parent of Baemin.
Uber said on the 18th (local time) that it expanded its equity in Delivery Hero from about 7% to 19.5%. Separately, it also secured an option to buy an additional 5.6% equity in Delivery Hero.
In April, Uber raised its equity to about 7% by purchasing shares worth about $318 million (about 480 billion won) from Prosus, Delivery Hero's largest shareholder. With this additional purchase, it quickly rose to the position of largest shareholder.
However, Uber drew a line, saying it currently has no plans to seek management control of Delivery Hero. In a filing with the U.S. Securities and Exchange Commission (SEC), Uber said, "We do not intend to acquire 30% or more of Delivery Hero's voting rights." In Germany, 30% of voting rights is effectively regarded as the threshold for control.
This expansion of equity is refocusing attention on Uber's strategy for the Korean market. Recently in Korea, there has been speculation that Uber is reviewing acquisitions of Baemin and Kakao Mobility.
As global platforms such as DoorDash and Grab step up integrated platform strategies that combine delivery, mobility, and memberships, some analysts say Uber, too, may be seeking to secure both delivery and mobility footholds in Korea to expand its influence in the everyday-life platform market.