The acquisition will strengthen Uber's global position but is expected to face a lengthy antitrust review.
Uber has agreed to acquire Germany's Delivery Hero in a deal valuing the company at $14.8 billion. Once completed, the combined group will become the world's largest food delivery company outside China, strengthening Uber's position against rivals including DoorDash and Just Eat.
The combined business will operate in 99 countries, with a pro forma gross merchandise value (GMV) of $236 billion in 2025. Uber CEO Dara Khosrowshahi said the acquisition would nearly double the number of markets where the company offers both mobility and delivery services.
Uber, already Delivery Hero's largest shareholder, has offered €41.50 per share, representing a roughly 34% premium to the company's three-month volume-weighted average share price. The transaction has been backed by Delivery Hero's management and supervisory board and is expected to close in the second half of 2027, subject to acceptance by shareholders representing more than 50% of the company's shares.
The deal is expected to face close antitrust scrutiny because of overlapping operations in several markets. To address regulatory concerns, Delivery Hero will sell its businesses in 14 overlapping markets to U.S. investment firm SSW Partners for about €1.4 billion. Major shareholder Prosus has also agreed to sell its nearly 17% stake, leaving little room for a competing bid.
Analysts at Jefferies said the expected timeline suggests a lengthy and complex regulatory review despite the steps taken to reduce antitrust risks.
The acquisition will significantly expand Uber Eats across Europe, the Middle East, Asia and Latin America. Excluding the divested operations, Uber's food delivery network will expand from 50 to 99 markets, adding a business that generated about $42 billion in gross bookings last year.
Founded in Berlin in 2011, Delivery Hero has grown into one of the world's largest food delivery companies through a series of acquisitions, including Glovo and foodpanda. The company also owns Talabat and PedidosYa.
As part of the agreement, Uber has committed to invest €2 billion in Germany through 2031 and to retain Delivery Hero's Berlin headquarters and workforce until at least 2029. Analysts said the acquisition will also give Uber access to about 60 million monthly active users, primarily in markets where the company has had only a limited presence.
Source: Reuters
