Uber bids $14.8 billion for Delivery Hero to create largest food-delivery group outside China

Uber made a formal public offer on Thursday to acquire German food-delivery company Delivery Hero, a deal that would reshape the global takeout landscape. The all-cash bid values Delivery Hero at around $14.8 billion in equity, or just under €13 billion, and would create the largest food-delivery platform outside China.

Deal terms and shareholder backing

Uber is offering €41.50 per share, a premium of roughly 34% over Delivery Hero's three-month volume-weighted average price. Delivery Hero shares closed at €38.18 on Wednesday. The offer is conditional on a minimum acceptance of 50% plus one share. Uber had already secured a stake of just under 37% including derivatives, and major shareholder Prosus agreed to sell its 17% holding. Delivery Hero confirmed on Tuesday that it was in advanced negotiations with Uber.

Global footprint and competitive pressure

The acquisition would nearly double the number of markets where Uber offers both mobility and delivery services, extending its reach to 99 countries across Europe, the Middle East, Asia and Latin America. The combined entity would have a pro forma gross merchandise value of $236 billion for 2025, according to Corriere della Sera. The move is partly a response to the expansion of U.S. rival DoorDash, which has been consolidating its own position through a series of acquisitions.

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.

Antitrust hurdles and the SSW side deal

Given the overlap between the two companies' operations, the deal is expected to face regulatory scrutiny. To address this, Delivery Hero has agreed to sell its business in 14 markets, where Uber Eats is already active, to New York-based investment firm SSW Partners for about $1.6 billion. The divestiture is designed to smooth the path for antitrust clearance. The transaction also requires approval from German financial regulator BaFin.

Financial engineering and synergy bets

Uber plans to finance the acquisition with available cash and new debt, including a bridge facility of around €14 billion. The company expects the deal to be accretive to earnings per share from completion. Uber projects it can add $1.2 billion to Delivery Hero's operating profit, equivalent to about 30% of the German firm's operating expenses last year. Part of that gain is expected from cross-selling: Uber says its cross-platform users generate roughly three times the gross bookings and profit of single-product users.

Uber's global mobility and delivery platform and our shared commitment to innovation make this an ideal partnership to consolidate Delivery Hero's strengths in local food delivery and quick commerce, and to advance our 'Everyday App' strategy for the benefit of our customers.

Closing timeline and German commitments

Uber has pledged to maintain Delivery Hero's headquarters and workforce in Berlin until at least 2029 and to invest €2 billion in Germany over the next five years. The acquisition is expected to close in the second half of 2027, subject to regulatory approvals.