Uber Agrees to Buy Delivery Hero For $14.8B To Create World's Largest Food Delivery Group Outside China

Uber has agreed to acquire Germany-based Delivery Hero for $14.8 billion in a deal that would create the world’s largest food delivery group outside China, expanding the US company’s reach to 99 markets and a combined pro forma gross bookings of $236 billion in 2025.The deal termsUnder the voluntary takeover offer, Uber will pay $47.5 (€41.5) per share in cash, representing a roughly 34% premium to Delivery Hero's three-month volume-weighted average share price and about 40% above the undisturbed price before deal talks began. The price offer is 9% above Wednesday's close. The adjusted equity value, accounting for Uber's prior stake purchases, is $13.7 billion.Before the announcement, Uber held approximately 24.8% of Delivery Hero's issued voting share capital directly, with additional economic exposure of approximately 11.7% through equity derivatives. Major shareholder Prosus has entered into an irrevocable undertaking to tender its nearly 17% stake into the offer, bringing Uber's total economic interest to approximately 53%. The deal requires a minimum acceptance threshold of 50% plus one share and is expected to close in the second half of 2027. Delivery Hero's management board and supervisory board unanimously support the offer. Supervisory Board Chair Kristin Skogen Lund said joining forces with a strong partner now is the right move for Delivery Hero "to best secure its future competitiveness," pointing to the importance of scale in a highly competitive sector. Delivery Hero had previously rejected an earlier Uber approach disclosed in late May that valued the company at about $10.9 billion.Uber CEO Dara Khosrowshahi said the combination would extend affordable and reliable delivery to millions more people in some of the world's most dynamic economies. "Together, we'll nearly double the number of markets where we offer both mobility and delivery services," he said.What Uber is getting Uber will directly acquire Delivery Hero's businesses in 50 markets, generating $42 billion in gross bookings in 2025. This includes acquiring Talabat across eight Middle East markets covering Bahrain, Egypt, Iraq, Jordan, Kuwait, Oman, Qatar, and the UAE; Glovo across multiple markets in Europe and Africa; PedidosYa across Latin America; foodpanda across Asia; Hungerstation in Saudi Arabia; and Baedal Minjok in South Korea.To ease anticipated antitrust concerns over overlapping operations, Delivery Hero has separately agreed to sell businesses in 14 markets to SSW Partners, a New York-based investment firm, for approximately $1.6 billion. Those markets generate $11 billion in gross bookings and include foodora in Austria, Czechia, Norway, and Sweden; Glovo in Poland, Portugal, Romania, Spain, and Moldova; PedidosYa in Chile and Ecuador; efood in Greece; Foody in Cyprus; and Yemeksepeti in Türkiye. SSW will independently find strategic partners for those businesses.The deal expands Uber's food delivery presence from 50 to 99 markets and nearly doubles the number of markets where it offers both mobility and delivery services, from 34 to 58.Germany commitments Uber has committed to invest $2.3 billion in Germany over the next five years, with a focus on developing its local corporate workforce, growing its nationwide business, and launching autonomous vehicle deployments and partnerships with the German automotive industry. The company has also pledged to retain Delivery Hero's Berlin headquarters and make no changes to its workforce there until at least 2029.Uber will fund the acquisition through existing cash and new debt financing, having executed a committed bridge facility of approximately $16 billion.