Uber Technologies Inc. and South Korean internet firm Naver reportedly submitted a bid of 8 trillion won ($5.34 billion) for Baedal Minjok (Baemin).
The consortium seeks to acquire the platform from its current owner, Germany’s Delivery Hero. Uber would hold an 80% stake in the purchasing group.
Acquiring Baemin would grant Uber a dominant position in the South Korean food delivery sector.
The Seoul Economic Daily first reported the offer. A Naver spokesperson confirmed receipt of a teaser letter but stated no formal decisions have been made.