Uber has announced that it will acquire Baemin's parent company, Delivery Hero, for approximately ¥2.2 trillion. The transaction is expected to close in the second half of next year. Baemin will continue to operate independently for the time being, although the possibility of integration over the longer term is being considered.
Uber has announced plans to acquire Baemin, which is owned by Delivery Hero, in a major shift in ownership across South Korea's food delivery market. The transaction is valued at approximately $13.7 billion and would place Baemin under Uber's indirect control through a cash acquisition. The deal is expected to close in the second half of next year, and Baemin is expected to maintain its current independent operations for the time being.
Baemin was founded as Woowa Brothers and has grown under DH's control. Since 2019, DH has acquired stakes held by domestic and overseas investors, subsequently moving toward de facto management integration. In 2021, Baemin became a DH subsidiary. The sale could mark a major shift in DH's market strategy after 8 years.
Against the backdrop of the South Korean market, the value of online delivery transactions reached approximately KRW 36.9891 trillion in 2025, while the major apps' monthly active users exceeded 27 million. As of February 2026, Baemin held a 54% market share, compared with 29% for Coupang Eats and 10% for Yogiyo, giving Baemin considerable influence in the market.
Baemin is expected to retain its autonomy for the time being following the acquisition, although it could be incorporated into Uber's global strategy over the longer term. Market participants are watching for the possibility that combining financial resources with operating expertise could intensify competition and have spillover effects on the Japanese market.