Naver Decides Against Acquiring Stake in Baemin
Naver has opted not to acquire a stake in Baemin after evaluating the opportunity.
Naver has opted not to acquire a stake in Baemin after evaluating the opportunity.
Naver has officially announced its decision not to pursue an acquisition of a stake in Baemin, the popular online food delivery service. This decision comes after a thorough review of the investment opportunity, indicating a shift in Naver's strategy within the food delivery sector.
Previously, Naver had joined a consortium with Uber to explore a potential bid for Baemin. However, the landscape changed dramatically when Uber revealed plans to acquire Delivery Hero, the parent company of Woowa Brothers, which operates Baemin, for approximately $13.7 billion. This acquisition would transform Delivery Hero into a subsidiary of Uber, significantly altering the competitive dynamics in the market.
In its regulatory filing, Naver cited
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