South Korea's antitrust regulator said Tuesday it has opened a preliminary review of Uber Technologies' planned acquisition of Delivery Hero, in a deal that would hand the ride-hailing giant control of Korea's leading food delivery app, Baemin.
According to the Korea Fair Trade Commission, Uber requested the voluntary review ahead of its formal merger filing to gauge whether the deal risks violating antitrust law before finalizing it.
Uber plans to complete its tender offer in November and finalize the acquisition in the second half of 2027, pending approval from competition authorities. The deal values Delivery Hero at $14.8 billion, with the effective acquisition size at $13.7 billion after accounting for Uber's existing stake.
Delivery Hero indirectly controls Baemin through its subsidiary Woowa DH Asia. The deal would put Uber in control of the app, alongside its existing Uber Taxi service in Korea.
That overlap is what the FTC will scrutinize, examining whether combining Uber's ride-hailing service with Baemin's delivery platform, through joint memberships, cross-app promotions or integrated merchant advertising, could reshape competition.
Kakao Mobility dominates taxi-hailing with 13.58 million monthly users as of February, versus Uber's 650,000 in South Korea. In delivery, Baemin led with 23.4 million users in April, ahead of Coupang Eats' 13.15 million.
"We intend to fully assess how this merger affects competition in the taxi-hailing and food delivery markets, rivals' business operations and the options available to users and merchants," the FTC said, pledging a rigorous review under the Fair Trade Act.
Uber said its long-standing dedication to Korea leaves it confident the deal will spur innovation and investment while sharpening competition. "We are very pleased to embark on this new journey together with Baemin," the company said, calling it an iconic and beloved brand in Korea.
Uber once explored pursuing the acquisition through a consortium with Naver, but is now moving forward alone after Naver pulled out. The deal also marks a turnaround for Uber in Korean food delivery, as its Uber Eats service exited the market in 2019 after two years of struggle against Baemin.
minmin@heraldcorp.com
