Uber has entered into an agreement to launch a voluntary takeover offer for Berlin-based Delivery Hero, valuing the company at $14.8 billion. If completed, the combination would extend Uber’s mobility and delivery platform to 99 markets. The offer is subject to regulatory clearances and a minimum acceptance threshold of 50% plus one share of Delivery Hero’s outstanding share capital.
The mechanics of the deal
Uber is offering €41.50 in cash per Delivery Hero share. The $14.8 billion figure is the implied equity value for 100% of the company; Uber puts the value at $13.7 billion after adjusting for shares it had already acquired.
Before the announcement, Uber held 24.77% of Delivery Hero’s voting share capital directly and another 11.74% of economic exposure through equity derivatives. Amsterdam-listed Prosus, which is majority-owned by South Africa’s Naspers, has committed to tender its remaining stake of roughly 17%. Combined with Uber’s direct holding and derivatives, that would take Uber’s total economic interest above 53%.
Uber says it will fund the offer through existing cash and new debt, including a committed bridge facility of approximately €14 billion provided by affiliates of Morgan Stanley, Bank of America, and Deutsche Bank. Closing is expected in the second half of 2027 if the offer conditions are satisfied.
A parallel carve-out to reduce overlap
Delivery Hero has separately agreed to sell its businesses in 14 markets where it competes with Uber Eats to New York-based SSW Partners for approximately $1.6 billion. The sale is conditional on completion of Uber’s takeover offer and other customary conditions.
Those businesses generated $11 billion in Gross Bookings in 2025. They include Glovo in Portugal, Spain, and Poland; foodora in Sweden and Norway; Yemeksepeti in Türkiye; and PedidosYa in Chile and Ecuador.
Uber would not control the transferred businesses. SSW will independently lead the search for strategic partners that can become their long-term owners. The 50 Delivery Hero markets included in the Uber transaction generated $42 billion in Gross Bookings in 2025.
The scale logic
The combined platform would have posted pro forma 2025 Gross Bookings of $236 billion. Uber says the number of markets where it offers both mobility and delivery would rise from 34 to 58. The acquired portfolio includes foodpanda across parts of Asia, PedidosYa across much of Latin America, and talabat in the Middle East.
Uber says customers who use both mobility and delivery generate roughly three times the Gross Bookings and profits of customers who use only one product. The companies are betting that denser networks and greater cross-platform use will make the enlarged business more efficient.
The German commitments
Uber has committed to retain Delivery Hero’s Berlin headquarters and keep staffing in Berlin unchanged until at least 2029. It has also committed to use commercially reasonable efforts to invest €2 billion in Germany through 2031, focusing on its local corporate workforce, nationwide business growth, autonomous vehicle deployments, and partnerships with the German automotive industry.
The package may ease political concerns around a US company buying an MDAX-listed German technology group, but it does not resolve the legal review. BaFin must approve the takeover offer document, while merger-control and financial regulators must separately clear the transaction. The deal’s real test is whether Uber can complete that process and integrate a collection of strong local brands across dozens of markets without eroding the advantages that made them valuable.
