Uber has launched a public takeover offer for Delivery Hero, valuing the German food delivery company at $14.8 billion as the ride-hailing giant looks to expand its global food delivery market.
If the deal goes through, the combined business will operate across 99 countries with pro-forma gross bookings of $236 billion in 2025, making it the world’s largest food delivery platform outside China.
Uber is offering Delivery Hero shareholders €41.50 per share in cash, representing a premium of about 34% over the company’s three-month average share price before takeover talks became public.
The offer depends on Uber securing more than 50% of Delivery Hero’s outstanding shares, alongside regulatory approvals.
The acquisition is part of Uber’s plans to grow its delivery business as competition from companies, including DoorDash, increases continually in international markets.
As part of the transaction, Delivery Hero has agreed to sell operations in 14 markets to New York-based investment firm SSW Partners for about $1.6 billion.
The businesses being sold are largely in countries where Uber Eats and Delivery Hero already have overlapping operations, a move expected to ease regulatory concerns.
Uber said it will acquire Delivery Hero’s businesses in 50 markets, while SSW Partners will independently oversee the divested operations before finding long-term strategic owners.
The proposed takeover also expands Uber’s combined mobility and delivery business from 34 markets to 58 markets.
To support the deal, Uber has committed to invest €2 billion in Germany over the next five years. The company also pledged to keep Delivery Hero’s Berlin headquarters and retain its workforce until at least 2029.
Delivery Hero’s management and supervisory boards have unanimously backed the offer and plan to recommend that shareholders accept it after reviewing the formal offer document.
Prosus, one of Delivery Hero’s biggest shareholders, has irrevocably agreed to tender its stake of about 17%, giving Uber a total economic interest of roughly 53% when combined with its existing shareholding and derivatives exposure.
Uber currently owns about 24.77% of Delivery Hero’s voting shares and holds an additional 11.74% economic interest through equity derivatives.
The company said it will finance the acquisition using existing cash reserves and new debt financing backed by a bridge facility of about €14 billion. Uber expects the transaction to increase its non-GAAP earnings per share immediately after completion, with high single-digit percentage growth by the third year.
Commenting on the agreement, Dara Khosrowshahi, CEO of Uber, said:
“Delivery Hero’s talented team has built an extraordinary business, with beloved local brands and leading positions across many of the world’s fastest-growing delivery markets. By bringing our platforms together, we will extend affordable, reliable delivery to many millions more people in many of the world’s most dynamic economies, while creating more opportunities for merchants and couriers.
“Together, we’ll nearly double the number of markets where we offer both mobility and delivery services, scaling a proven platform that we believe will create significant long-term value for our customers and shareholders.”
Niklas Östberg, CEO of Delivery Hero, added:
“We are excited about this opportunity with Uber and the possibilities it offers for our employees, shareholders, and partners. Uber’s global mobility and delivery platform and our shared commitment to innovation make this the right partnership to build on Delivery Hero’s strengths in local food delivery and Quick Commerce, and to take our Everyday App strategy further for our customers.
“I’m grateful to our people for building this company over 15 years, and we look forward to this great next chapter together.”
Kristin Skogen Lund, chair of the Delivery Hero Supervisory Board, said:
“The food delivery business is highly competitive and scale dependent. It is challenging to build from a European base, yet we have achieved an enormous amount over 15 years. Joining forces with a strong partner now is the right move for Delivery Hero to best secure its future competitiveness and ability to deliver value for all our stakeholders.”
The takeover is subject to shareholder acceptance and regulatory clearances. Uber expects the transaction to close in the second half of 2027 after Germany’s financial regulator, BaFin, approves the offer document.
