Uber launches $14.8B takeover bid for Delivery Hero in global push

Uber Technologies launched a voluntary public takeover offer for Delivery Hero on Thursday, valuing the Berlin-based food delivery company at about $14.8 billion in a cash deal that would extend the US ride-hailing firm's reach to 99 markets worldwide.

"The combination will extend affordable, reliable delivery to many millions more people in many of the world's most dynamic economies," said Dara Khosrowshahi, chief executive officer of Uber, in a statement. "Delivery Hero's talented team has built an extraordinary business, with beloved local brands and leading positions across many of the fastest-growing delivery markets."

Uber will offer €41.50 per share in cash, representing a premium of about 34% over Delivery Hero's three-month volume-weighted average share price before the announcement and roughly 127% over the unaffected three-month average before May 8, when earlier talks emerged. The offer is conditional on a minimum acceptance threshold of 50% plus one share. Delivery Hero shares closed at €38.18 on Wednesday and rose about 5.7% in Frankfurt premarket trading Thursday.

The acquisition marks Uber's largest-ever deal and signals its intent to dominate global food delivery beyond its core US market. Combined pro-forma gross bookings reached $236 billion in 2025, with Uber's mobility and delivery footprint nearly doubling from 34 to 58 markets where it operates both services. Uber projected $1.2 billion in annual cost and revenue synergies and said the deal would unlock about 50 million new users across Delivery Hero's brands, which include Baedal Minjok in South Korea, Glovo across Europe, HungerStation in Saudi Arabia, talabat in the Middle East, and PedidosYa in Latin America.

Deal Structure and Financing

Uber will fund the transaction through existing cash on its balance sheet and new debt financing, with a committed bridge facility of about €14 billion arranged by affiliates of Morgan Stanley, Bank of America, and Deutsche Bank. The company said the deal is expected to be accretive to non-GAAP earnings per share upon closing, with high-single-digit percentage accretion by year three.

Major shareholder Prosus, which holds just under 17% of Delivery Hero, has agreed to tender its entire stake. Combined with Uber's existing 24.77% direct stake and an additional roughly 11.74% economic exposure through equity derivatives, Uber's total economic interest would reach about 53%, giving it effective control.

Antitrust and Regulatory Path

To address regulatory overlap, Delivery Hero separately agreed to sell its businesses in 14 markets — including foodora in Austria, Norway, and Sweden, Glovo in Spain and Poland, and Yemeksepeti in Turkey — to New York-based investment firm SSW Partners for about $1.6 billion. SSW will independently seek strategic buyers for those assets after closing.

Uber has pledged to retain Delivery Hero's Berlin headquarters and make no changes to its German workforce through at least 2029, while committing €2 billion in investment in Germany by 2031 for corporate operations, business expansion, and autonomous vehicle partnerships with the German automotive industry.

Morgan Stanley and Deutsche Bank are serving as lead financial advisors to Uber, with Bank of America and Goldman Sachs also advising. Freshfields and Wachtell, Lipton, Rosen & Katz are legal counsel to Uber, while Evercore is advising SSW. The deal is expected to close in the second half of 2027, pending merger control approvals across multiple jurisdictions.

This article is for informational purposes only and does not constitute investment advice.