Uber Agrees to Acquire Delivery Hero for $14.8 Billion

Uber has entered into a business combination agreement to acquire Delivery Hero for €41.50 per share, representing an equity value of $14.8 billion, or $13.7 billion adjusted for Uber's prior stake purchases. The transaction expands Uber's global footprint to 99 markets across Europe, the Middle East, Latin America, and Asia, with combined pro-forma gross bookings of $236 billion in 2025. The deal represents a major consolidation in the global food delivery market and positions Uber to compete more effectively against rivals DoorDash and Just Eat.

As part of the agreement, Delivery Hero has committed to sell its operations in 14 overlapping markets to SSW Partners, a New York-based investment firm, for approximately $1.6 billion. These markets include foodora operations in Austria, Czechia, Norway, and Sweden; Glovo operations in Moldova, Poland, Portugal, Romania, and Spain; and PedidosYa operations in Chile and Ecuador, among others. SSW will independently seek strategic partners to lead these businesses. Uber will acquire operations in 50 markets generating $42 billion in gross bookings, including regional brands such as Baedal Minjok, foodpanda across Asia, Glovo in Europe and Africa, Hungerstation, PedidosYa across Latin America, and talabat in the Middle East.

Uber was already the largest shareholder in Delivery Hero prior to the announcement, having built a 37% stake including derivatives. With Prosus—Delivery Hero's second-largest shareholder—having irrevocably committed to tender its 17% stake, Uber's total economic interest will reach approximately 53%. The boards of both companies have unanimously supported the offer. Uber expects the transaction to be accretive to non-GAAP earnings per share, with high-single-digit percentage accretion projected by year three.

The transaction is subject to regulatory approval and a minimum acceptance threshold of 50% plus one share of Delivery Hero's outstanding share capital. Given the combined scale of the platforms and overlapping operations in multiple regions, the deal is expected to face scrutiny from global antitrust authorities. The agreement follows Uber's initial proposal to Delivery Hero in May 2026.