Why did Naver decide not to buy a stake in Baemin?

Naver said it reviewed acquisition scenarios but chose not to proceed because of changes in the business environment and other factors. The decision came after earlier reports that it was considering a consortium with Uber to pursue Baemin operator Woowa Brothers.

What changed after the reported Naver-Uber plan to acquire Baemin?

Uber later agreed in July to acquire a 100 percent stake in Delivery Hero for $14.8 billion. That development changed the situation because Delivery Hero owns Woowa Brothers, the Korean subsidiary tied to Baemin.

What happens to Delivery Hero and Woowa Brothers after Uber’s planned acquisition?

Uber said its deal to acquire Delivery Hero is expected to close in the second half of next year, pending regulatory approvals and other conditions. If completed, the German group’s wholly owned Korean subsidiary Woowa Brothers would come under Uber.

Naver decides not to acquire Baemin stake

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Summary

Naver has decided not to acquire a stake in Baemin, four months after reports said it was considering a consortium with Uber. Naver said in a regulatory filing Thursday that changes in the business environment and other factors led to the decision. The earlier plan was tied to acquiring a stake in Woowa Brothers from Delivery Hero, but Uber’s July agreement to buy Delivery Hero changed the situation. Uber said that deal is expected to close in the second half of next year, subject to approvals and other conditions.

Key Facts

Naver said it had reviewed scenarios for acquiring a stake in Baemin before deciding not to proceed.
The company said the decision was due to changes in the business environment and other factors.
The original report in May described a possible Naver-Uber consortium with a 20-80 ownership split.
Uber agreed in July to acquire a 100 percent stake in Delivery Hero for $14.8 billion.
Delivery Hero’s deal is expected to close in the second half of next year, subject to regulatory approvals and other conditions.

By Lee Gyu-lee

Published Sep 17, 2026 7:40 pm KST

Naver headquarters in Seongnam, Gyeonggi Province / Courtesy of Naver

Naver has decided not to acquire a stake in Korea's largest food delivery platform, Baemin, four months after a report alleged that the mobile platform company was considering forming a consortium with Uber to take over Baemin.

“We reviewed scenarios on acquiring a stake in Baemin, but we have decided not to proceed with the acquisition, due to changes in the business environment and other factors,” Naver said in a regulatory filing Thursday.

The filing came in response to a news report in May that Naver and Uber were considering forming a consortium with a 20-80 ownership split to acquire a stake in Baemin operator Woowa Brothers from its German parent company, Delivery Hero.

At the time, Naver said it was reviewing various measures to strengthen its business competitiveness and that no concrete decisions had been made.

However, the situation changed when Uber agreed in July to acquire a 100 percent stake in Delivery Hero for $14.8 billion. If completed, the deal would also bring the German group’s wholly owned Korean subsidiary, Woowa Brothers, under Uber.

Uber said the deal is expected to close in the second half of next year, subject to regulatory approvals and other conditions.

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