Photo courtesy of Yonhap News

 

 

[Alpha Biz= Paul Lee] South Korea’s Seoul Economic Daily reported exclusively that Uber has teamed up with Naver to form a consortium aimed at acquiring Baedal Minjok, signaling a renewed push into Korea’s platform economy.

According to investment banking sources cited in the report, the Uber-led consortium submitted a preliminary bid on May 15 to Delivery Hero, expressing interest in acquiring a 100% stake in Baemin, with a potential deal value of up to KRW 8 trillion.

The consortium is structured roughly as an 80:20 partnership, with Uber taking the majority stake and Naver holding a minority position. The structure is widely seen as a strategic move to navigate regulatory scrutiny, as Korean law subjects large conglomerates to merger review if they acquire more than a 20% stake in an unlisted company. By keeping its stake below that threshold, Naver may reduce antitrust risks.

The partnership also reflects Uber’s strategy to leverage a strong local ally to overcome market entry barriers in Korea, combining Naver’s platform ecosystem with Uber’s global mobility and delivery capabilities.

Separately, Uber has also submitted a letter of intent to acquire a stake in Kakao Mobility, though any transaction would require alignment among key shareholders, including Kakao and TPG.

Industry observers say Uber may initially pursue minority stakes while building broader synergies across delivery and mobility services in the Korean market.

 

 

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