Uber Bets on Scale in $14.8B Delivery Hero Acquisition

Uber Technologies is attempting to transform itself from the largest mobility platform into one of the world’s dominant logistics businesses, announcing a $14.8 billion offer to acquire Germany’s Delivery Hero in a deal that would dramatically expand its food delivery footprint while testing the limits of global antitrust regulators.

Rather than simply adding restaurants and customers, the acquisition would extend Uber’s combined delivery and mobility operations to 99 markets worldwide, creating a network that generated approximately $236 billion in pro forma gross bookings during 2025, according to Uber.

Uber is offering €41.50 per Delivery Hero share, implying an equity value of approximately $14.8 billion. Because Uber already owns roughly 24.8% of Delivery Hero directly and has additional economic exposure through equity derivatives, the effective purchase price falls to approximately $13.7 billion.

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Delivery Hero’s Management Board and Supervisory Board have unanimously backed the offer. Major shareholder Prosus has also agreed to tender its stake, which would increase Uber’s economic interest in Delivery Hero to roughly 53%, satisfying the transaction’s minimum acceptance threshold if other conditions are met.

Uber said it expects the acquisition to become accretive to non-GAAP earnings per share immediately after closing, with high-single-digit percentage EPS accretion by the third year following completion.

Before the takeover can close, Delivery Hero has agreed to sell businesses operating in 14 overlapping markets to New York-based investment firm SSW Partners for approximately $1.6 billion. Those businesses generated about $11 billion in gross bookings during 2025, according to Uber.

The markets being divested include parts of Europe where Uber Eats and Delivery Hero already compete directly. Uber said it will not acquire or control those operations.

The approach reflects lessons from earlier regulatory setbacks. In Taiwan, Uber’s proposed acquisition of foodpanda’s local delivery business was ultimately blocked, and Delivery Hero later agreed to sell that business to Grab instead.

The businesses Uber would acquire span multiple regions rather than a single global brand. The acquisition includes Delivery Hero’s interests in foodpanda across much of Southeast Asia, PedidosYa throughout Latin America, talabat in the Middle East, HungerStation in Saudi Arabia, Baedal Minjok in South Korea, and selected Glovo operations across Europe, Africa, and Central Asia. Together, those businesses generated approximately $42 billion in gross bookings during 2025.

Uber said it will finance the acquisition using existing cash together with new debt financing supported by an approximately €14 billion bridge facility.

As part of the agreement, Uber committed to maintaining Delivery Hero’s Berlin headquarters and preserving its status as a significant German technology employer through at least 2029.

The company also pledged to invest €2 billion in Germany by 2031, making the acquisition notable not only as a corporate takeover but also as a long-term investment in Europe’s technology sector.