Uber has formalized a $14.8 billion acquisition of Delivery Hero SE, marking its largest investment focused on food delivery services. This agreement, offered at €41.50 per share, surpasses Delivery Hero's previous trading levels by 34%.
Details of the Acquisition
The merger is expected to create the largest food delivery platform outside of China, with a gross merchandise value projected at $236 billion for 2025. Uber previously owned approximately 25% of Delivery Hero and had shown increasing interest leading up to the acquisition.
The negotiations began with an indicative bid of around €33 per share announced in May 2026. Following further discussions, Delivery Hero’s board successfully negotiated a higher buyout price. In addition, Uber's engagement included acquiring more shares from Prosus to satisfy EU antitrust concerns linked to another deal.
Regulatory approval is required for the acquisition to proceed, which includes a mandatory acceptance threshold of over 50% shareholder approval. Uber has pledged to maintain Delivery Hero's Berlin headquarters and workforce through at least 2029.
Market Impact and Competitive Landscape
Delivery Hero operates in about 50 markets, particularly excelling in Europe, the Middle East, Asia, and Latin America, strategically complementing Uber Eats' existing operations without significant overlap. This allows Uber to enhance its presence in these regions and compete effectively against rivals like DoorDash, which is pursuing its own international expansion.
The collaboration presents a formidable scale advantage, as the combined $236 billion in GMV poses significant challenges for competitors outside of China, where Meituan holds a dominant position.
This material is for informational purposes only and should not be considered financial advice.
