Uber has become the largest shareholder of Delivery Hero (DH), the German parent company of South Korea's top food delivery app Baemin, after acquiring an additional stake.
DH announced on its website Tuesday that "Uber has purchased additional shares and financial instruments in the company, securing 19.5% of issued shares and an option to acquire an additional 5.6% stake."
Headquartered in Berlin, DH operates across 65 countries in Asia, Europe and other regions, and is also the parent company of Baemin, South Korea's No. 1 food delivery app. DH welcomed Uber's latest investment as a vote of confidence in its platform and strategy.
In April, Uber acquired a 7% stake in DH worth approximately 270 million euros (about 470 billion won) from Prosus, then DH's largest shareholder.
In a separate statement, however, Uber said it could acquire additional voting rights in Delivery Hero or dispose of its existing holdings within the next 12 months. The remarks are interpreted as signaling that Uber currently has no intention of acquiring more than 30% of DH's voting rights.
