Uber offers $14.8 billion to buy German company Delivery Hero

Uber Technologies has made a voluntary public takeover offer to acquire German food delivery company Delivery Hero in a cash deal valued at around $14.8 billion, or $13.7 billion after adjusting for Uber’s prior stake purchases, a move that would significantly expand its global delivery business.

Uber has offered €41.50 per Delivery Hero share in cash, a 34% premium to the company's three-month volume-weighted average share price before reports of the deal emerged. The acquisition is expected to close in the second half of 2027, subject to shareholder and regulatory approvals.

The deal would give Uber a food delivery business spanning 99 countries, making it the largest platform outside China. The combined business is expected to generate around $236 billion in Gross Merchandise Value (GMV) in 2025.

"The combination of Uber and Delivery Hero will create the world's most global food delivery platform outside China, serving customers across 99 countries," said Dara Khosrowshahi, CEO of Uber. "Together, we'll be able to invest more in product innovation, technology, and the overall experience for consumers, merchants and couriers while creating long-term value for shareholders."

Delivery Hero brings brands including foodpanda, talabat, HungerStation, PedidosYa, Glovo and Baedal Minjok. Uber said the merger would increase the number of markets where it operates both mobility and delivery services from 34 to 58. Customers who use both services spend more and are more profitable than those using only one, it added.

"Today's announcement marks the beginning of an exciting new chapter for Delivery Hero. By joining forces with Uber, we believe we can better serve our customers, partners and riders while accelerating innovation and strengthening our position in the markets where we operate," said Niklas Östberg, CEO and co-founder of Delivery Hero.

Uber already owns a 24.77% voting stake in Delivery Hero and has additional economic exposure through equity derivatives. “Prior to the announcement of the Takeover Offer, Uber held approximately 24.77% of Delivery Hero’s issued voting share capital directly, and held additional economic exposure of approximately 11.74% through equity derivatives. Prosus has entered into an irrevocable undertaking agreement to tender all of their Delivery Hero shares (~17% of shares outstanding) into the offer, bringing Uber’s total economic interest to ~53%. Uber has committed to not entering into a Domination and Profit Transfer Agreement (DPLTA) for a period of three years. Closing is expected in the second half of 2027,” the statement read. 

To help address regulatory concerns, Delivery Hero will sell selected businesses in 14 markets to SSW Partners. Uber also said it will retain Delivery Hero's Berlin headquarters and workforce until at least 2029 and invest €2 billion in Germany over the next five years. Delivery Hero's management and supervisory boards have unanimously backed the offer.