Bloomberg has reported that Uber might be buying Europe’s Deliveroo, a major player in the continent’s third-party delivery landscape. According to the report, Uber Technologies is in talks to plunk down “several billion dollars” for Deliveroo, citing unnamed people familiar with the potential deal.

Based in London, Deliveroo is valued at more than $2 billion. If completed, the deal would be a significant milestone, as the first American brand to plant a major stake in the large and mature European market. Founded in 2013 by two Americans, Will Shu and Greg Orlowski, Deliveroo operates in hundreds of cities across Europe, and also has a presence in Australia, Singapore, Hong Kong and the Middle East.

According to Bloomberg’s report, the deal is far from a done deal “in part because Deliveroo and its investors have been reluctant to relinquish independence.” As this rumor gains steam, Financial Times said the possible acquisition would “create a two-horse race in the UK food delivery market” between Deliveroo and Just Eat, whose shares declined more than 5 percent on the news.

Food On Demand has reached out to Uber seeking comment, and we’ll keep you posted as the story unfolds.