The global food delivery and quick-commerce sectors are preparing for a major consolidation as Uber Technologies, Inc. has entered into a business combination agreement to acquire Delivery Hero. The voluntary takeover offer of €41.50 per share in cash represents an equity value of $14.8 billion for 100% of the company, or $13.7 billion when adjusted for Uber’s prior stake purchases.
Upon regulatory clearance and completion, the transaction will expand Uber’s mobility and delivery footprint to 99 markets globally. Based on 2025 financial performance, the combined entity represents pro forma gross bookings of $236 billion.
The management and supervisory boards of Delivery Hero have welcomed the takeover offer and intend to recommend that shareholders tender their shares, subject to a final review of the official offer document. Global technology investor Prosus, which holds approximately a 17% stake in Delivery Hero, has irrevocably committed to tendering its shares, bringing Uber’s total expected economic interest to approximately 53% upon tendering.
Transaction Structure and Division of Markets
To address geographical overlaps and secure regulatory approvals across multiple jurisdictions, the transaction includes a parallel divestment agreement. Delivery Hero has separately agreed to sell operations in 14 of its current markets to SSW Partners, a New York-based investment firm, for approximately $1.6 billion.
Uber will not acquire control over the businesses transferred to SSW Partners. Instead, SSW Partners will operate these units independently while identifying long-term strategic partners.
The division of Delivery Hero’s brand portfolio is structured as follows:
Operations Acquired by Uber
These 50 markets generated $42 billion in gross bookings in 2025 and include the following brands:
Baedal Minjok in the Republic of Korea
foodora in Hungary
foodpanda in Bangladesh, Cambodia, Hong Kong, Laos, Malaysia, Myanmar, Pakistan, the Philippines, and Singapore
Glovo in Armenia, Bosnia and Herzegovina, Bulgaria, Côte d'Ivoire, Croatia, Georgia, Italy, Kazakhstan, Kenya, Kyrgyzstan, Montenegro, Morocco, Nigeria, Serbia, Tunisia, Uganda, and Ukraine
Hungerstation in Saudi Arabia
PedidosYa in Argentina, Bolivia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Uruguay, and Venezuela
Middle East talabat in Bahrain, Egypt, Iraq, Jordan, Kuwait, Oman, Qatar, and the United Arab Emirates
Operations Acquired by SSW Partners
These 14 markets generated $11 billion in gross bookings in 2025 and include the following brands:
foodora in Austria, Czechia, Norway, and Sweden
efood in Greece
Foody in Cyprus
Glovo in Moldova, Poland, Portugal, Romania, and Spain
PedidosYa in Chile and Ecuador
Yemeksepeti in Türkiye
Cross-Platform Integration
The transaction is designed to accelerate the rollout of Uber's cross-platform strategy, which pairs ride-hailing services with food and grocery delivery. The acquisition will nearly double the number of markets where Uber offers both mobility and delivery from 34 to 58.
From an operational standpoint, denser delivery networks typically drive higher order volumes and improved courier utilisation. Historically, multi-product users on Uber's platform generate approximately three times the gross bookings and profits of single-product users, serving as a highly efficient channel for organic customer acquisition.
Financially, Uber expects the transaction to be accretive to non-GAAP earnings per share (EPS) immediately upon closing, with accretion projected to reach high-single-digit percentages by the third year of operation.
Commitment to German Infrastructure and Workforce
As part of the business combination agreement, Uber has made several commitments regarding Delivery Hero's corporate footprint and workforce. Delivery Hero’s global headquarters will remain in Berlin, and Uber has pledged that there will be no workforce reductions at the Berlin office until at least 2029.
Furthermore, Uber has committed to investing €2 billion in Germany over the next five years. This capital is earmarked for:
The development of its German corporate workforce
The expansion of its nationwide delivery and mobility services
The deployment of autonomous vehicles in partnership with the German automotive industry
Financial Framework and Capital Allocation
Uber plans to fund the acquisition using existing cash reserves and new debt. The company has secured a committed bridge financing facility of approximately €14 billion.
The transaction is structured to preserve Uber’s investment-grade credit rating, with the company targeting a gross leverage ratio of less than 2x, supported by organic free cash flow. Executives confirmed that Uber's current capital allocation framework remains unchanged, including its ongoing commitment to returning excess capital to shareholders through share buybacks.
The takeover offer is subject to a minimum acceptance threshold of 50% plus one share of Delivery Hero's outstanding capital, alongside standard financial and merger control regulatory clearances. Uber has agreed not to enter into a Domination and Profit Transfer Agreement (DPLTA) for at least three years. The transaction is expected to close in the second half of 2027.
.png)
.jpg)
