Uber Partners With Naver to Acquire 100% Stake in Baemin (Woowa Brothers) For 8 Trillion Won

May 18, 2026

∙ Paid

Uber is partnering with Naver to acquire a 100% stake in Baedal Minjok (Baemin) (operated by Woowa Brothers Co.) for about 8 trillion won ($5.3 billion).
If Delivery Hero is able to sell Woowa Brothers at about 8 trillion won, the market is likely to view this slightly positive for Delivery Hero.
Market will also likely to view this deal to be negative for Coupang (due to heightened competition) and slightly negative for Uber (due to valuation/lower profit margins at Baemin).

Source: Company data, dart.fss.or.kr

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