Market Chatter: Uber Forms Consortium With Naver to Bid for South Korean Food Delivery Platform

MT Newswires Live05-18 21:42

Uber Technologies (UBER) has formed an "80-20 consortium" with Naver to participate in the preliminary bid to acquire Baedal Minjok (Baemin), a South Korean food delivery platform, Seoul Economic Daily reported Monday.

The Uber-Naver consortium is looking to acquire a 100% stake in Baemin and has offered a consideration of up to 8 trillion South Korean won ($5.35 billion) to Germany's Delivery Hero, which is the largest shareholder in Baemin, according to the report.

Uber did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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