Uber has agreed to acquire Germany-based Delivery Hero in a deal valued at $14.8 billion, creating the world’s largest food delivery platform outside China. The acquisition is aimed at strengthening Uber’s position as competition intensifies from global rivals including DoorDash and Just Eat.
The combined business will operate across 99 countries and is expected to generate a pro-forma gross merchandise value (GMV) of $236 billion in 2025. Uber CEO Dara Khosrowshahi said, “Together, we’ll nearly double the number of markets where we offer both mobility and delivery services.”
Uber, already Delivery Hero’s largest shareholder, has made the offer conditional on receiving acceptance from at least 50% plus 1 share. The transaction has the support of Delivery Hero’s management and supervisory board and is expected to close in the 2nd half of 2027, subject to regulatory approvals.
The offer of €41.50 per share represents a 34% premium to Delivery Hero’s 3-month volume-weighted average share price and was 9% above the previous closing price. Delivery Hero shares ended the day flat, while Uber shares rose around 1.4%.
The acquisition will significantly expand Uber Eats across Europe, the Middle East, Asia, and Latin America. However, the deal is expected to face antitrust scrutiny because of overlapping operations. To address regulatory concerns, Delivery Hero will sell operations in 14 markets to U.S.-based investment firm SSW Partners for approximately €1.4 billion. Prosus has also agreed to sell its nearly 17% stake in Delivery Hero.
Delivery Hero had earlier rejected Uber’s offer disclosed in May, which valued the company at around €10 billion, or €33 per share. Following expectations of a higher bid, the company’s stock has risen 62% this year.
Founded in 2011 in Berlin, Delivery Hero expanded globally through acquisitions, including Glovo and foodpanda. The company also owns Talabat and PedidosYa.
As part of the agreement, Uber will invest €2 billion in Germany through 2031 and retain Delivery Hero’s Berlin headquarters and workforce until at least 2029. The acquisition will also give Uber access to approximately 60 million monthly active users, supporting future growth across its mobility, food delivery, and Uber One subscription businesses.
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