Uber agreed to buy Delivery Hero in a $14.8 billion all-stock deal.
Why it matters: The deal would sharply expand Uber’s food-delivery reach and create one of the largest platforms outside China. It also raises major questions about competition, margins and cross-border tech consolidation in Europe.
- Uber announced the acquisition on July 16, 2026, valuing Delivery Hero at about $14.8 billion equity value.
- The offer is €41.50 per Delivery Hero share and is expected to be accretive to non-GAAP EPS by year three.
- Uber said the combined platform would operate in 99 markets and generate about $236 billion in 2025 gross bookings/GMV.
- Uber and Delivery Hero said Uber will keep Delivery Hero’s Berlin headquarters, avoid workforce changes there until at least 2029 and invest €2 billion in Germany through 2031.
Uber said it entered a business combination agreement to acquire Delivery Hero in a voluntary takeover offer, in a deal valuing the German delivery company at about $14.8 billion in equity value, or about $13.7 billion adjusted for Uber’s prior stake purchases. Uber’s announcement said the offer price is €41.50 per share.
The companies said the combined platform would reach 99 markets/countries and generate about $236 billion in 2025 gross bookings/GMV. Uber said the deal is expected to be accretive to non-GAAP EPS, with high-single-digit percentage accretion by year three. Delivery Hero’s statement said its management board and supervisory board support the transaction and intend to recommend shareholders tender into the offer, subject to review of the offer document.
Uber said it had already received irrevocable tender commitments totaling 16.68%, and Delivery Hero said Uber’s total economic interest would exceed 53% when those commitments are combined with existing holdings and instruments. Reuters reported that Uber’s offer is conditioned on receiving at least 50% plus one share. Reuters said the deal would create the largest food-delivery group outside China.
The companies also said Uber committed to retain Delivery Hero’s Berlin headquarters, make no changes to its Berlin workforce until at least 2029, and invest €2 billion in Germany through 2031. A separate agreement gives SSW Partners the businesses in 14 markets where Uber Eats and Delivery Hero overlap, for about €1.4 billion or roughly $1.6 billion, subject to completion of Uber’s offer. Delivery Hero’s release said completion is expected in the second half of 2027.
By the numbers
- $14.8 billion - Equity value for Delivery Hero in Uber’s offer
- 99 - Markets/countries in the combined platform
- $236 billion - Combined pro forma 2025 gross bookings/GMV
Yes, but: The deal still faces review of the offer document, shareholder acceptance requirements and likely antitrust scrutiny in Europe and elsewhere.
What's next: Delivery Hero shareholders will review the offer document, and the transaction is expected to close in the second half of 2027.