Uber Gobbles Up Delivery Hero in $14.8B Deal, Expanding Global Reach to 99 Markets

Uber Technologies (UBER) officially announced on July 16 that it will acquire German food-delivery company Delivery Hero for roughly $14.8 billion (about €13 billion). Under the terms, Uber will pay €41.50 per share (~$47.60) in cash for all outstanding shares. As of 2:30 PM ET on July 17, Uber shares were trading at $72.77, down 1.72% from the prior close of $74.04, with an intraday low of $72.20.^{[Los Angeles Times]}

Premium and Shareholder Support

Uber's €41.50 per share offer represents a roughly 26% premium over the €33 it initially floated in May. According to Quartz, the offer is roughly 127% above Delivery Hero's volume-weighted average share price for the three months ended May 8, 2026, and about 34% above its three-month average price before the announcement.^[Quartz]

Delivery Hero's management board and supervisory board have unanimously backed the offer and plan to recommend that shareholders accept it. Uber already holds a total economic interest of about 53% in Delivery Hero through direct stakes and financial derivatives. Prosus, Delivery Hero's second-largest shareholder, has agreed to tender its roughly 17% stake into the offer.^[Quartz]

Global Expansion and Market Divestitures

Upon completion, Uber's mobility and delivery operations will expand from 79 markets to 99. According to TechCrunch, the number of markets where both services are offered will nearly double, from 34 to 58.^[TechCrunch]

Uber will acquire Delivery Hero's operations in 50 markets, which generated $42 billion in total order value in 2025. These include brands such as South Korea's Baedal Minjok, Glovo in multiple countries, Saudi Arabia's HungerStation, the Middle East's talabat, and Latin America's PedidosYa.^[Quartz]

In a separate transaction, New York-based investment firm SSW Partners will acquire Delivery Hero's operations in 14 markets for about $1.6 billion. These include Austria's foodora, similar operations in Norway and Sweden, Glovo in Spain and Poland, and Turkey's Yemeksepeti. These markets generated $11 billion in total order value in 2025. SSW said it will seek buyers for these assets after the deal closes.^{[Los Angeles Times]}

Financing and Regulatory Outlook

To fund the acquisition, Uber plans to use its own cash and take on new debt, having arranged roughly €14 billion in bridge loans. Uber said the deal is expected to be accretive to non-GAAP EPS from the first full year after closing, with high-single-digit percentage EPS growth by the third year.^[Quartz]

Uber has committed to keeping Delivery Hero's Berlin headquarters and will not change its German headcount before 2029. Separately, Uber plans to invest €2 billion in Germany by 2031 for corporate operations, domestic business expansion, and autonomous vehicle projects.^[Quartz]

According to Retail Gazette, the overlap between Uber's and Delivery Hero's operations is expected to draw intense scrutiny from competition regulators. The 14 markets being acquired by SSW Partners are precisely those where the two companies directly compete.^{[Retail Gazette]}

Industry Consolidation Backdrop

The deal comes amid accelerating consolidation in the global food-delivery industry. According to the Los Angeles Times, DoorDash agreed last year to acquire the UK's Deliveroo, while Prosus closed a deal to buy Just Eat Takeaway.com.^{[Los Angeles Times]}

Uber CEO Dara Khosrowshahi said in a statement: "Together, we will nearly double the number of markets where we offer both mobility and delivery, scaling a proven platform that we believe will create significant long-term value for customers and shareholders."^[TechCrunch]

Delivery Hero co-founder and CEO Niklas Östberg said the deal is "the right partnership" that will help the company continue to grow in food delivery and instant retail.^{[Retail Gazette]}

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