Uber Technologies Inc. is exploring an acquisition of Woowa Brothers, the operator of South Korea’s leading food delivery app Baemin. The company is currently conducting due diligence for the potential purchase. Market rumors value the transaction at approximately 8 trillion won.
The move marks Uber’s return to the South Korean delivery market after Uber Eats exited the country in 2019. Uber is competing against other strategic investors including Naver and Alibaba to acquire the platform from Germany-based Delivery Hero. Analysts suggest Uber may form a bidding consortium with Naver.