Uber Technologies entered an agreement to acquire Delivery Hero at a value of $14.8 billion last week in a deal that unites two of the largest players in the global third-party delivery scene while bringing Uber’s mobility and delivery services to 99 total countries.
The Delivery Hero agreement would be Uber’s largest takeover to date by far, more than 2.5 times the combined announced acquisition cost of Middle East competitor Careem ($3.1 billion) and fellow California-based transportation platform Postmates ($2.65 billion) — both of which closed in 2020.
Delivery Hero is headquartered in Berlin, Germany.
Uber announced plans to purchase the Germany-based delivery platform July 16. The San Francisco-headquartered transportation technology platform already directly held nearly 25 percent of Delivery Hero’s voting share capital and roughly 12 percent of additional economic exposure through equity derivatives. The move represents a 70.6 percent increase in the number of markets where Uber offers both rideshare and delivery services — from 34 to 58 markets.
“Delivery Hero’s talented team has built an extraordinary business, with beloved local brands and leading positions across many of the world’s fastest-growing delivery markets,” Dara Khosrowshahi, CEO of Uber, said in a release. “By bringing our platforms together, we will extend affordable, reliable delivery to many millions more people in many of the world’s most dynamic economies, while creating more opportunities for merchants and couriers. Together, we’ll nearly double the number of markets where we offer both mobility and delivery services, scaling a proven platform that we believe will create significant long-term value for our customers and shareholders.”
Uber’s acquisition offer at €41.50 per share represents a premium of approximately 34 percent to Delivery Hero’s three-month volume-weighted average share price, according to a July 16 release from the Berlin-based company.
“We are excited about this opportunity with Uber and the possibilities it offers for our employees, shareholders, and partners. Uber’s global mobility and delivery platform and our shared commitment to innovation make this the right partnership to build on Delivery Hero’s strengths in local food delivery and Quick Commerce, and to take our Everyday App strategy further for our customers,” said Niklas Östberg, CEO of Delivery Hero. “I’m grateful to our people for building this company over 15 years, and we look forward to this great next chapter together.”
The Delivery Hero business to be acquired by Uber generated about $42 billion in gross bookings across 50 markets throughout 2025, and SSW Partner’s intended acquisitions generated $11 billion in gross bookings last year.
Uber plans to fund the takeover with existing cash and new debt financing. One primary condition of the deal is that Uber holds a minimum acceptance threshold of 50 percent plus one share of Delivery Hero’s outstanding share capital.
Prosus, the Dutch investment group that acquired Europe-focused food ordering and delivery platform Just Eat Takeaway, entered an agreement to sell its Delivery Hero shares (approximately a 17 percent stake) to Uber, bringing Uber’s total economic interest to about 53 percent. Uber committed to not entering a Domination and Profit Transfer Agreement for three years; closing is expected in the second half of next year.
Delivery Hero entered a separate agreement with SSW Partners, tendering businesses in 14 markets to the New York-based investment firm, particularly in overlapping service regions for Uber Eats and Delivery Hero. That $1.6 billion deal is subject to the completion of Uber’s takeover offer and includes foodora in Northern and Central Europe; efood in Greece; Foody in Cyprus; Glovo in Southern and Eastern Europe; PedidosYa in South America; and Yemeksepeti in Turkey.
“We are pleased to acquire these market-leading businesses,” said Josh Steiner and Antonio Weiss of SSW Partners. “We will support management to ensure that these businesses continue to grow, invest in their people and deliver exceptional service to their customers. In parallel, we will lead the process to find the best long-term homes for these businesses, where they will continue to thrive.”
As part of the Delivery Hero offer, Uber committed to investing €2 billion in German operations over the next five years, retaining the platform’s headquarters and making no changes to its Berlin workforce until at least 2029.
