Uber to acquire Delivery Hero for €41.50 a share in $14.8 billion deal

Uber Technologies has agreed to acquire Delivery Hero in a cash deal worth €41.50 per share, valuing the company at $14.8 billion, or $13.7 billion adjusted for Uber’s prior stake purchases, marking a major expansion of its global delivery and mobility footprint. The voluntary takeover offer comes after earlier advanced talks around a lower price and would extend Uber’s combined platform to 99 markets with pro-forma Gross Bookings of $236 billion in 2025. Delivery Hero’s Management Board and Supervisory Board unanimously welcomed and supported the offer and said they intend to recommend that shareholders tender, subject to review of the Offer Document. To help manage market overlap, Delivery Hero separately agreed to sell businesses in 14 markets to SSW Partners for about $1.6 billion, while Uber would acquire operations across 50 markets generating $42 billion of Gross Bookings in 2025. The businesses going to SSW Partners span 14 markets that generated $11 billion of Gross Bookings in 2025. Uber said the transaction would nearly double the number of markets where it offers both mobility and delivery services, from 34 to 58, and expected the deal to be accretive to Non-GAAP EPS upon closing and by a high-single-digit percentage by year three. The company plans to fund the offer with existing cash and new debt financing, including a committed bridge facility of about €14 billion, while keeping gross leverage below 2x. Uber already held about 24.77% of Delivery Hero’s issued voting share capital directly and additional economic exposure of about 11.74% through equity derivatives before the offer announcement. Prosus has irrevocably agreed to tender its roughly 17% stake, which would bring Uber’s total economic interest to about 53%. Closing is expected in the second half of 2027, subject to a minimum acceptance threshold of 50% plus one share, regulatory clearances and other conditions.