Uber launches first euro bond to finance Delivery Hero bid

Uber Technologies ↘ 0.53% has tapped five major banks to arrange its first-ever euro-denominated bond offering, a move aimed at refinancing a €14.2 billion bridge loan tied to its takeover bid for Delivery Hero.

The ride-hailing giant mandated Goldman Sachs ↗ 2.07%, BNP Paribas, BofA Securities, Deutsche Bank ↗ 0.60%, and Morgan Stanley ↗ 1.86% to arrange a series of fixed-income investor calls taking place September 7-8, according to Bloomberg. The multi-tranche structure will allow Uber to issue bonds across several maturities, spreading out its repayment schedule and appealing to investors with different time horizons.cryptobriefing+1

A Currency Strategy Takes Shape

The euro bond debut represents a strategic shift for Uber, which has historically raised capital almost exclusively in U.S. dollars. Issuing euro-denominated debt creates a natural hedge against currency fluctuations, given that Uber earns revenue in euros across its European operations. The company gained access to broader and cheaper borrowing after securing investment-grade credit ratings in 2025, a milestone that followed years of sub-investment-grade debt during its cash-burning growth phase.cryptobriefing

Since earning that upgrade, Uber has conducted multiple dollar-denominated senior note offerings, including bonds due in 2031 and 2035, to refinance higher-yielding debt. The euro offering marks the next logical step in diversifying its funding base.cryptobriefing

The Delivery Hero Deal

The bond offering is directly linked to Uber's voluntary public takeover bid for Berlin-based Delivery Hero, announced in July at €41.50 per share, valuing the company at $14.8 billion. Delivery Hero's management and supervisory boards endorsed the offer on September 2, recommending shareholders accept the deal. The acceptance period runs through November 5.investor.uber+3

The acquisition would create one of the world's largest on-demand food delivery platforms outside China, expanding Uber's reach across Europe, Asia, and the Middle East. Prosus, another major Delivery Hero shareholder, has agreed to sell its 17% stake as part of the transaction.techcrunch

Converting the massive bridge facility into longer-dated bonds at investment-grade rates is central to Uber's strategy for ensuring the acquisition does not erode the value it is designed to create. Specific details on tranche sizes, maturities, and pricing have not yet been disclosed.cryptobriefing