Uber announced on May 16 (local time) a public tender offer for Delivery Hero (DH) at €41.5 per share, valuing the company at approximately $14.8 billion (₩22 trillion). On May 20, DH notified bidders that the sale process for Baemin (Baedal Minjok), South Korea's leading food delivery platform, has been halted following Uber's acquisition move. The tender offer of €12.5 billion (approximately ₩21 trillion) positions Uber to acquire DH's entire portfolio, including Baemin, which DH purchased for $4 billion (₩4.75 trillion) in December 2019. The transaction is subject to regulatory approval in multiple jurisdictions and is expected to close in the second half of 2027. Baemin, which recorded ₩5 trillion in revenue in 2025 for the first time, has maintained its position as South Korea's top delivery app since its founding in June 2010.
Uber Announces Delivery Hero Acquisition Halting Baemin Sale
According to investment banking sources on May 20, Delivery Hero informed bidders that the Baemin sale process has been halted. This followed Uber's announcement on May 16 (local time) of a cash public tender offer for DH shareholders at €41.5 per share (approximately ₩70,000). The acquisition includes Baemin in South Korea, Talabat and Hunger Station in the Middle East, PedidosYa in Latin America, and Glovo in Europe and Africa, covering DH's operations across 50 markets. An Uber representative stated that the company will maintain and develop the Baemin brand, describing it as "an iconic brand representing South Korea" with "a dominant position in one of the world's most dynamic markets."
Baemin Founded in June 2010 by Kim Bong-jin
Baemin launched in June 2010 when founder Kim Bong-jin, a designer by background, collected restaurant flyers nationwide to build a database and provided this information via mobile platform. The legal entity Woowa Brothers was established in March 2011. The company secured ₩300 million in seed funding from Bon Angels Partners, followed by ₩2.06 billion from Altos Ventures, Stonebridge Capital, and IMM Investment in 2012. Subsequent funding rounds included ₩40 billion from Goldman Sachs in 2014, ₩57 billion from Hillhouse Capital in 2016, and ₩35 billion in strategic investment from Naver in 2017. The company achieved a valuation of ₩3 trillion and maintained the top position in South Korea's delivery app market.
Delivery Hero Acquired Baemin for $4 Billion in December 2019
In December 2019, Germany-based Delivery Hero announced the acquisition of an 88% stake in Woowa Brothers for $4 billion (approximately ₩4.75 trillion). The Korea Fair Trade Commission approved the merger conditionally, requiring DH to divest Yogiyo, the second-largest delivery platform it already owned, to prevent monopoly concerns. DH sold Yogiyo to a GS Retail-Affinity Equity Partners consortium for approximately ₩800 billion in 2021. During the COVID-19 pandemic, Baemin's revenue grew from ₩1 trillion in 2020 to ₩5 trillion in 2025. However, operating profit declined due to intensified free delivery competition, rider costs, and marketing expenses. Coupang Eats expanded market share rapidly during this period. Korean executives including CEO Lee Guk-hwan departed, with German management taking operational control.
Delivery Hero Faces €329 Million EU Fine
In June of last year, Delivery Hero was fined €329 million (approximately ₩500 billion) by the European Union for collusion with competitor Glovo. The penalty increased pressure on DH to improve its financial structure and secure liquidity, leading to the decision to pursue the sale of Woowa Brothers earlier this year. Meituan and Alibaba were reported as potential bidders before the process was halted.
FAQ
What did Uber announce on May 16 regarding Delivery Hero?
Uber announced on May 16 (local time) a public tender offer for Delivery Hero at €41.5 per share, valuing the company at approximately $14.8 billion (₩22 trillion). The €12.5 billion (approximately ₩21 trillion) acquisition includes Baemin and DH's operations across 50 markets.
When did Delivery Hero acquire Baemin and for how much?
Delivery Hero announced in December 2019 the acquisition of an 88% stake in Baemin's parent company Woowa Brothers for $4 billion (approximately ₩4.75 trillion). The Korea Fair Trade Commission conditionally approved the merger, requiring DH to divest Yogiyo in 2021.
How much revenue did Baemin record in 2025?
Baemin recorded ₩5 trillion in revenue in 2025, marking the first time the company reached this milestone since its founding in June 2010.
