Uber agreed on 16 July to buy Berlin-based Delivery Hero through a voluntary cash offer of €41.50 per share, valuing the food delivery group at $14.8bn on a fully diluted basis.
Why Uber Technologies, Inc. is buying Delivery Hero SE
Uber said the deal extends its platform to 99 markets with combined pro-forma gross bookings of $236bn in 2025, and lifts the number of markets where it offers both mobility and delivery from 34 to 58. It expects the transaction to add to non-GAAP earnings per share from closing and to deliver high-single-digit accretion by year three.
“By bringing our platforms together, we will extend affordable, reliable delivery to many millions more people in many of the world's most dynamic economies, while creating more opportunities for merchants and couriers.”
Deal terms and financing
Uber will pay cash funded from its balance sheet and new debt, backed by a committed bridge facility of about €14bn. Before the offer it held about 24.77% of Delivery Hero directly plus economic exposure of about 11.74% through derivatives; Prosus has undertaken to tender its roughly 17% stake. Uber committed not to enter a domination and profit transfer agreement for three years, to keep the Berlin headquarters and workforce unchanged until at least 2029, and to invest €2bn in Germany over five years.
Regulatory approvals and timing
The offer requires a 50%-plus-one-share acceptance level and merger control and financial regulatory clearances. BaFin approved the offer document, published on 27 August, and the acceptance period ends on 5 November 2026. Closing is expected in the second half of 2027.
Market context
Uber first approached Delivery Hero in May with an indicative €33-a-share proposal, which was rejected. Delivery Hero, founded in 2011 and listed in Frankfurt since 2017, owns brands including Baemin in South Korea, talabat, Glovo and PedidosYa. SSW Partners will buy the businesses in 14 markets where the two groups overlap, including foodora in Austria, Norway and Sweden, Glovo in Spain and Poland and Yemeksepeti in Türkiye.
