Naver (NAVER) considered acquiring a stake in Woowa Brothers, the operator of Baemin, but ultimately decided not to proceed.
On the 17th, Naver announced via public disclosure that it had considered acquiring a stake in Baemin but decided against it due to changes in the business environment and other factors.
Earlier, in May, reports emerged that Naver had formed a consortium with Uber and conveyed its intention to acquire Delivery Hero (DH), the largest shareholder of Baemin.
At that time, Naver stated via public disclosure, "We are considering various measures to strengthen our business competitiveness," adding, "No specific decisions have been made yet."
Meanwhile, on July 16, Uber signed a business combination agreement with DH. Uber plans to acquire 100% of DH's shares for a total of $14.8 billion (approximately 21.9 trillion won). Once the acquisition is finalized, Woowa Brothers, which holds 100% of DH's shares, will also come under Uber's umbrella.
in TECH
