South Korea's FTC opens pre-merger review of Uber's Delivery Hero acquisition

A conglomerate review built around bundled mobility and delivery services

South Korea's Fair Trade Commission confirmed Tuesday that it has opened a pre-merger review of Uber Technologies Inc.'s planned acquisition of all shares in Germany-based Delivery Hero SE through a tender offer, a step the U.S. ride-hailing company requested voluntarily rather than wait for a post-closing filing. The regulator classified the deal as a conglomerate merger linking Uber's ride-hailing business with Delivery Hero's food delivery operations, with Woowa Brothers Corp. — the Delivery Hero subsidiary that runs Baedal Minjok — sitting at the center of the overlap the FTC intends to probe.

The FTC's central concern is cross-platform engagement: once Uber controls Baedal Minjok, the regulator said, it could expand advertising and promotional programs linking ride-hailing and delivery and potentially integrate membership schemes. The commission said it would comprehensively review the merger's impact on competition in both markets, on rival platforms, on users, and on merchant businesses, applying the Fair Trade Act.

Korean market shares frame the competitive stakes

FTC-cited figures highlight why the combination draws scrutiny. Baedal Minjok led South Korea's delivery market with 23.40 million monthly active users in April, well ahead of Coupang Eats (13.15 million) and Yogiyo (4.21 million). In the separate ride-hailing market, the FTC's February MAU data showed Kakao Mobility first with 13.58 million users, with Uber Taxi a distant second at 650,000. Uber itself frames expanded cross-use between mobility and delivery and broader merchant promotions as the deal's expected benefits.

Uber already runs Uber Eats in South Korea, a presence the FTC did not detail but which adds another layer to the cross-platform linkages under examination alongside the Uber Taxi and Baedal Minjok combination.

Transaction timeline and what the FTC process means for closing

Uber plans to complete tender offer subscriptions in November and, subject to securing at least 50 percent of Delivery Hero shares plus one share and clearances from competition authorities in each jurisdiction, to close the share acquisition in the second half of 2027. Should the FTC clear the preliminary review, Uber is expected to file a formal application, making Korea's advance clearance a gating item before the planned November subscription can move forward without antitrust overhang.

The commission has not indicated a deadline for the preliminary review. Reporting across Yonhap, the Korea Times, MLex and Digital Today describes the same review opening and rationale without disagreement; what remains unresolved is whether the FTC will demand remedies or concessions before Uber proceeds with the tender offer subscription and any subsequent formal filing.