Baemin Sale Accelerates as Delivery Hero Draws Alibaba and Uber Interest

Germany’s Delivery Hero (DH) has formally begun the process of selling management control of Woowa Brothers, the operator of Baedal Minjok, widely known as Baemin. JPMorgan is serving as the sale adviser and is reportedly contacting major domestic and overseas companies as well as global private equity fund managers. According to the original headline, Alibaba and Uber are being mentioned as potential parties showing interest in the deal. Because the sale concerns DH’s controlling stake in Woowa Brothers, the key issues are whether Korea’s delivery platform ownership structure could change and whether global strategic buyers or financial investors will participate. Specific sale terms, valuation and timetable were not provided in the source. Source: mk.co.kr