South Korea Reviews Uber's $13.7 Billion Delivery Hero Acquisition

The Korea Fair Trade Commission launched a preliminary review on Tuesday regarding Uber Technologies' plan to acquire a stake in Delivery Hero SE. The deal, valued at $14.8 billion with an effective acquisition size of $13.7 billion, would give Uber control of Baedal Minjok (Baemin), the leading food delivery platform in South Korea.

Uber requested the voluntary review to determine if the merger violates antitrust laws before submitting a formal filing. The regulator is evaluating whether the acquisition would allow Uber to integrate its ride-hailing services with Baemin's delivery platform through joint memberships or integrated advertising and promotional programs, which could potentially restrict competition in the domestic markets.

This move marks a return to the Korean food delivery market for Uber, which previously entered with Uber Eats in 2017 but withdrew in 2019 due to the market dominance of Baemin. Pending regulatory approval, Uber intends to complete its tender offer in November and finalize the acquisition in the second half of 2027.