Uber Technologies has launched a formal takeover offer for Germany’s Delivery Hero valued at approximately $14.8 billion, a transaction that would significantly reshape the global food-delivery industry and likely trigger extensive regulatory review in Europe and other markets.
The U.S.-based ride-hailing and delivery company said Thursday it is offering €41.50 per share in cash for Delivery Hero, a bid that values the Berlin-headquartered company at roughly $14.8 billion. Uber has conditioned the offer on securing at least 50% plus one share of Delivery Hero’s outstanding stock.
According to Reuters, which first reported details of the transaction, the acquisition would create the largest food-delivery group outside China, extending Uber’s delivery operations across 99 countries and substantially expanding its presence in Asia, the Middle East and Latin America. Reuters reported that the offer represents a premium of about 34% over Delivery Hero’s three-month average share price prior to the announcement.
The deal marks Uber’s largest acquisition to date and reflects accelerating consolidation in the online food-delivery sector, where companies have increasingly sought scale to improve profitability and compete in markets characterized by high logistics costs and intense competition.
Uber said it already holds a direct stake of nearly 25% in Delivery Hero and additional economic exposure through derivatives. The company added that South African technology investor Prosus, one of Delivery Hero’s largest shareholders, has agreed to tender its remaining stake, potentially giving Uber majority economic support for the transaction.
Regulatory hurdles expected
Despite efforts to preempt competition concerns, the transaction is expected to face scrutiny from antitrust authorities in multiple jurisdictions.
As part of the proposed structure, Delivery Hero has agreed to sell operations in 14 markets to New York-based investment firm SSW Partners. The divestitures include businesses in several European countries where Uber Eats and Delivery Hero brands have overlapping operations, including Spain, Poland, Portugal and Greece. Uber said the assets being transferred to SSW would remain outside its control.
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The carve-out appears designed to mitigate regulatory concerns that could arise from combining two major delivery platforms in overlapping markets. Competition authorities in the European Union have taken an increasingly active approach toward digital-platform mergers, particularly in sectors where network effects and market concentration could affect pricing, merchant bargaining power and labor conditions.
The European Commission and national competition agencies have in recent years closely examined consolidation in the delivery sector. Previous transactions, including Delivery Hero’s acquisitions of Glovo and other regional operators, have faced regulatory conditions and extended review periods.
Uber and Delivery Hero indicated that completion of the deal remains subject to merger-control approvals and financial regulatory clearances. The companies expect the transaction to close during the second half of 2027.
Expanding global scale
If completed, the acquisition would substantially enlarge Uber’s international delivery footprint. Delivery Hero operates through a portfolio of regional brands including foodpanda in parts of Asia, talabat in the Middle East, PedidosYa in Latin America and Hungerstation in Saudi Arabia.
According to company statements, the businesses Uber plans to acquire generated approximately $42 billion in gross bookings in 2025, while the combined companies would represent around $236 billion in pro forma gross bookings globally.
Uber Chief Executive Dara Khosrowshahi said the combination would broaden access to delivery services in fast-growing markets and create additional opportunities for merchants and couriers. Delivery Hero’s management and supervisory boards have publicly endorsed the offer and said they intend to recommend shareholders accept it after reviewing the formal offer documentation.
The transaction also includes commitments by Uber to maintain Delivery Hero’s Berlin headquarters and workforce through at least 2029 and to invest €2 billion in Germany through 2031, according to company announcements.
Industry consolidation intensifies
The proposed acquisition comes amid a broader wave of consolidation across the food-delivery sector following years of heavy competition and uneven profitability after the pandemic-era surge in online ordering.
Companies across the industry have increasingly pursued mergers, strategic partnerships and market exits to improve margins and gain operational efficiencies. Analysts have argued that achieving scale is becoming increasingly important as delivery platforms seek to spread technology and logistics costs across larger customer bases.
According to Reuters, Uber’s move also comes as competitors, including DoorDash, continue expanding internationally, intensifying pressure among global delivery companies to secure leading positions in key markets.
