Naver Decides Against Acquiring a Stake in Baemin

[Financial News] Naver has decided not to acquire a stake in Baemin.
On the 17th, Naver disclosed, "Although we reviewed the acquisition of a stake in Baedal Minjok, we decided not to proceed with the acquisition due to changes in the business environment and other factors."
The disclosure clarified media reports from May that Naver had formed a consortium with Uber and expressed its intention to acquire Baemin from German company Delivery Hero (DH), its largest shareholder.
At the time, Naver disclosed, "We are reviewing various options to strengthen our business competitiveness," adding, "Nothing has been decided specifically."
Meanwhile, Uber entered into a business combination agreement with DH on July 16 local time and plans to acquire a 100% stake for a total of $14.8 billion, or approximately 21.9 trillion won. Woowa Brothers, which is wholly owned by DH, will also come under Uber.
[email protected] Jang Min-kwon Reporter