Uber to Acquire Delivery Hero in Landmark $14.8 Billion Deal

This landmark consolidation in the global food delivery space marks a major step in the competition between top platforms.

The Financial Details

  • Offer Price: Uber has offered €41.50 per share in cash. This represents a premium of approximately 127% on the unaffected three-month volume-weighted average share price prior to May 8, 2026.
  • Total Valuation: The voluntary takeover offer implies a fully diluted equity value of €13.0 billion (approximately $14.8 billion).
  • Net Valuation: Adjusting for Uber’s previously acquired shares in Delivery Hero, the net value of the deal is $13.7 billion.
  • The Prosus Connection: Prosus, which holds a 16.8% stake, has agreed to tender all of its shares into the offer. This moves Uber’s total economic interest in Delivery Hero to roughly 53%.

Strategic Impact & Scale

If completed, the combined platform will span 99 countries and command a massive combined pro-forma gross bookings figure of $236 billion (based on 2025 data).

The acquisition will nearly double the number of markets where Uber offers both mobility and delivery services—growing from 34 to 58. This supports Uber’s high-margin cross-platform strategy; cross-platform users historically generate about three times the gross bookings and profits of single-product users.

Addressing Antitrust Concerns

To ease potential regulatory hurdles, Delivery Hero has simultaneously agreed to divest its businesses in 14 overlapping markets (including Turkey, Poland, Portugal, Spain, and Sweden) to New York-based SSW Partners for roughly $1.6 billion. Uber will not take control of these specific units.

Germany Commitments

To secure local backing, Uber has pledged:

  • To retain Delivery Hero’s corporate headquarters in Berlin.
  • To implement no workforce reductions in Berlin until at least 2029.
  • To invest €2 billion in Germany through 2031, focusing on corporate workforce development, nationwide business expansion, and autonomous vehicle partnerships.

The transaction is expected to close in the second half of 2027, subject to regulatory and shareholder approvals.