The JFTC has launched a prior review of the structure under which U.S.-based Uber will acquire Delivery Hero and indirectly obtain control of Baemin. The tender offer terms, related divestiture plan and expected completion timing were also announced.
U.S.-based Uber announced plans to acquire Delivery Hero, the parent company of Baemin, South Korea's largest delivery business, and the JFTC accepted and launched a prior review of the business combination. The JFTC is treating the transaction as subject to review, with the review premised on a tender offer.
The tender offer will pay DH shareholders €41.50 per share in cash. The transaction value was described as approximately $14.8 billion based on 100% of the equity, or approximately $13.7 billion after reflecting holdings already acquired. Uber said that its economic interest in DH, including directly held shares and derivatives, was approximately 53%.
The tender offer is scheduled to begin on 27 August and end on 5 November. The minimum condition for completion is securing at least 50% of DH's issued shares, and the parties aim to complete the transaction in the second half of 2027 after obtaining approval from the relevant authorities in each country.
DH has decided to sell markets where its business overlaps with Uber Eats to SSW Partners for approximately €1.4 billion, and the divestiture will be a prerequisite in the review process. The JFTC regards the transaction as a conglomerate merger involving taxi-hailing and delivery platforms and will assess its overall impact on the competitive structure.