Uber’s Delivery Hero Takeover Faces a Korean Antitrust Review

Uber’s proposed acquisition of Delivery Hero would give it control of Baemin, South Korea’s leading food-delivery platform. South Korea’s competition authority has begun an early review of that combination, but the available reporting does not establish that EU regulators have opened a formal merger review of Uber’s takeover. 37

What is South Korea reviewing?

The Korea Fair Trade Commission began a voluntary preliminary review on September 22, 2026, after Uber sought an assessment ahead of its formal merger filing. The proposed purchase of Delivery Hero would indirectly give Uber control of Woowa Brothers, the operator of Baemin. A preliminary review tests potential competition issues; it is not a finding that the deal violates antitrust law. 67

The question is how ownership of both Uber’s ride-hailing business and Baemin’s leading delivery platform might affect competition in South Korea. Regulators are examining the effects on the ride-hailing and food-delivery markets. A possible concern is whether control of both platforms could give the combined company an advantage across those services, but the outcome remains open. 56

What is the EU’s role—and what is separate from this deal?

The available reporting does not establish that the European Commission has opened a formal merger investigation into Uber’s acquisition of Delivery Hero. EU scrutiny described in the underlying reporting concerns a different transaction: Prosus’s acquisition of Just Eat Takeaway, for which Prosus had committed to reduce its Delivery Hero stake. That earlier commitment should not be presented as an EU remedy imposed on Uber’s bid.

There is also a distinct asset sale associated with the proposed takeover. Delivery Hero has agreed to sell operations in 14 markets separately to SSW Partners; reporting identifies overlaps between Uber and Delivery Hero’s delivery businesses as a reason for the arrangement. The sale does not, by itself, mean competition authorities have cleared the acquisition.

What are the offer terms and timetable?

Uber’s cash offer is €41.50 per Delivery Hero share, implying an equity value of $14.8 billion for the whole company. Uber puts the value at about $13.7 billion after accounting for shares it had already acquired. The offer requires at least 50% plus one share to be accepted, and Delivery Hero’s management and supervisory boards have recommended that shareholders accept it. 1311

The €41.50 offer was reported as a 34% premium to Delivery Hero’s three-month average share price at the announcement. That is not a measure of the current gap between the offer and the trading price. For a dated comparison, Delivery Hero traded at €37.90 on July 16, €3.60 below the offer; the provided evidence does not establish an up-to-date share-price gap. 112

The tender offer is expected to conclude in November 2026, while completion of the acquisition is expected in the second half of 2027, subject to competition approvals and other conditions. 71