South Korea, EU open antitrust reviews of Uber’s Delivery Hero bid

Uber Technologies' ↘ 0.67% planned $14.8 billion acquisition of Delivery Hero is drawing regulatory attention on multiple fronts, with South Korea's Fair Trade Commission launching a preliminary review and the European Commission preparing its own examination of the deal.

South Korea's FTC Opens Review

South Korea's antitrust watchdog said on Tuesday, September 22, that it has opened a preliminary review of Uber's plan to acquire a full stake in Delivery Hero, the parent company of Woowa Brothers Corp., which operates Baemin — the country's dominant food delivery app. Uber submitted a voluntary review application ahead of its formal merger filing to gauge whether the deal risks violating antitrust law, according to the Korea Herald.yna+1

The FTC said it will examine whether combining Uber's ride-hailing service with Baemin's delivery platform could reshape competition through joint memberships, cross-app promotions, or integrated merchant advertising. Baemin had 23.4 million monthly active users in April, nearly double the 13.15 million recorded by Coupang ↘ 2.26% Eats, South Korea's second-largest food delivery app, according to Yonhap.koreaherald+1

"The FTC will comprehensively review the proposed merger's impact on competition in South Korea's ride-hailing and food delivery app markets," the regulator said.yna

EU Commission Also Taking a Closer Look

Separately, the EU Commission is preparing to scrutinize the transaction, according to Trending Topics, which reported on September 23 that Brussels' competition watchdogs are examining the roughly €13 billion deal. The European review adds another layer of regulatory complexity to a transaction that already requires approvals across multiple jurisdictions.trendingtopics

Deal Structure and Market Gap

Uber agreed in July to acquire Delivery Hero at €41.50 per share in cash, valuing the company at $14.8 billion. Delivery Hero's board formally recommended shareholders accept the offer on September 2. Uber already holds roughly 37 percent economic ownership in Delivery Hero, making the effective acquisition size approximately $13.7 billion. As part of the broader transaction, SSW Partners agreed to purchase Delivery Hero's operations in 14 markets for about $1.6 billion.wsj+5

Delivery Hero's stock closed at €36.80 on Xetra on September 21, remaining about 11 percent below the offer price. Uber plans to complete its tender offer in November and finalize the acquisition in the second half of 2027, pending regulatory approvals.koreaherald+1