Uber, Naver team up on Baemin takeover -Seoul Economic Daily

Uber Technologies,Inc.

Uber Technologies,Inc.

UBER

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SEOUL, May 18 (Reuters) - Uber and South Korean internet giant Naver have formed a consortium and submitted a bid of up to 8 trillion won ($5.34 billion) to acquire Baedal Minjok, South Korea's largest food delivery platform, the Seoul Economic Daily reported on Monday.

Uber and Naver formed an 8-to-2 consortium aiming to acquire a 100% stake in Baedal Minjok (Baemin), the Korean food delivery platform operated by Germany's Delivery Hero, the report said, citing unnamed sources in investment banks.

A Naver spokesperson told Reuters the company received a teaser letter related to the deal but nothing has been decided.

($1 = 1,498.1500 won)


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