Uber-Naver consortium circle $5.4b deal, while Hanwha walks away The logo of German food delivery service Delivery Hero (Getty Images) Berlin-based Delivery Hero is exploring a sale of Woowa Brothers, the operator of South Korean food delivery app Baemin, seven years after its acquisition in what appears to be a strategic pullback, industry sources said Thursday.The German delivery giant recently distributed teaser letters to strategic investors and private equity firms in Korea and overseas through JPMorgan. Potential bidders are said to include Uber, Naver, Alibaba Group and DoorDash.It is reportedly seeking roughly 4.6 billion euros ($5.4 billion) for Woowa Brothers, more than the $4 billion it paid in 2019 to acquire an 88 percent stake. The company declined to directly confirm the sale process but said it was conducting a broad strategic review of its portfolio, capital allocation and cost structure.Uber is said to be considering a consortium with Naver in a 70-30 split, a pairing that has already been taking shape through Naver's membership program, which grants users access to Uber's paid services.Hanwha Group, which has been expanding its food and retail businesses under Hanwha Machinery & Services Holdings, reviewed the deal but ultimately stepped back after concluding the valuation was too high, the sources said.The sale push comes as Delivery Hero works to shore up its balance sheet after years of aggressive global expansion, carrying roughly 6.1 billion euros in debt at the end of last year. In March, it agreed to sell Foodpanda Taiwan to Singapore-based Grab Holdings for $600 million.Industry officials view the valuation as steep for a delivery platform sector grappling with slowing growth, regulatory pressure and intensifying competition. Baemin, once the dominant force in Korea’s food delivery market, is now facing mounting pressure from local rivals, most notably Coupang Eats."With competition in the delivery platform market heating up and earnings trending downward, potential buyers face a difficult calculation," one industry official said. “Whether a deal ultimately happens will likely depend on whether the asking price comes down.”Woowa Brothers surpassed 5 trillion won ($ 3.3 billion) in annual revenue for the first time in 2025, with sales rising 22 percent to 5.28 trillion won. But operating profit fell 7 percent to 592.9 billion won, extending a three-year decline from 699.8 billion won in 2023.Even as profits slipped, substantial sums continued flowing overseas. In 2023, Delivery Hero received 412.7 billion won in dividends, while in 2024 and 2025, a combined roughly 1 trillion won was used to repurchase treasury shares held by the German parent.