Uber launches $14.8B takeover bid for Delivery Hero

Uber Technologies ↘ 0.53% on Thursday launched a public takeover offer for Germany's Delivery Hero, valuing the food delivery company at approximately $14.8 billion in what would be the ride-hailing giant's largest acquisition to date. The deal would create the biggest food-delivery platform outside China, spanning 99 markets worldwide.

The Offer

Under the terms announced Thursday, Uber is offering Delivery Hero shareholders €41.50 per share in cash, representing an 8.7 percent premium over the company's last closing price. The offer requires acceptance of at least 50 percent plus one share to succeed, along with merger control and financial regulatory clearances. Uber will fund the purchase with its existing cash reserves and a committed bridge facility of approximately €14 billion.techfundingnews+2

Uber already held about 24.77 percent of Delivery Hero's voting shares and another 11.74 percent economic exposure through equity derivatives before the announcement. Prosus ↘ 0.22%, which owns roughly 17 percent, has agreed to tender its shares, bringing Uber's total economic interest to around 53 percent. Both Delivery Hero's management and supervisory boards have endorsed the offer.techfundingnews

Addressing Antitrust Concerns

To preempt regulatory obstacles, Delivery Hero has simultaneously entered into a sale and purchase agreement with SSW Partners, a New York-based firm, to divest operations in 14 overlapping markets for about $1.6 billion. These markets include Glovo operations in Poland, Spain, Portugal, Romania, and Moldova; foodora in Austria, Czechia, Norway, and Sweden; and PedidosYa in Chile and Ecuador, among others.tradingview+1

The remaining 50 markets that Uber will retain generated $42 billion in gross bookings in 2025 and include major brands such as talabat in the Middle East, Baedal Minjok in South Korea, and foodpanda across Asia. Closing is expected in the second half of 2027, with the offer document submitted to Germany's BaFin for approval.techfundingnews

A Consolidating Industry

The deal caps a rapid escalation in Uber's pursuit of Delivery Hero. The company first approached the Berlin-based firm in May with an offer of roughly €33 per share, which Delivery Hero's board viewed as insufficient. Negotiations intensified through July, with the Financial Times reporting earlier this week that a deal at approximately €41 per share was imminent.reuters+2

Uber CEO Dara Khosrowshahi said the combination would "nearly double the number of markets where we offer both mobility and delivery services," adding that customers who use both generate about three times more bookings and profit. Uber has pledged to maintain Delivery Hero's Berlin headquarters through at least 2029 and invest €2 billion in Germany over five years.techfundingnews