Uber lifts Delivery Hero bid to $14.8bn deal

Uber has agreed to buy Delivery Hero for €41.50 per share in cash, an offer that values the company at $14.8bn on a 100% basis, or $13.7bn adjusted for the stake Uber had already built. The new price is 26% above the €33 offer Uber made in May, and lines up with what Delivery Hero’s biggest shareholders had been pushing for.

The companies signed a business combination agreement on Thursday. Delivery Hero’s management and supervisory boards have unanimously backed the deal and plan to recommend that shareholders tender their shares. Prosus, the company’s largest shareholder, has irrevocably committed its stake, taking Uber’s total economic interest to about 53%.

That marks a sharp turn from eight weeks ago. When Delivery Hero disclosed Uber’s €33 approach in May, the bid sat at a 1.76% discount to the previous close, while several large shareholders were publicly calling for something closer to €40. At the same time, DoorDash was considering a full takeover of its own.

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The bigger issue now is regulation. Delivery Hero has separately agreed to sell operations in 14 markets — areas where its business overlaps with Uber Eats — to SSW Partners for roughly $1.6bn. That sale depends on Uber’s takeover closing. Uber will not control those businesses, and SSW says it will run its own process to find strategic partners for them.

Uber is also financing most of SSW’s purchase, with repayment coming over time, including from any future asset sale. That structure is clearly designed to reduce antitrust friction before regulators in Europe and Asia weigh in, but whether authorities accept the carve-out — and the vendor financing behind it — remains unresolved.

Strategically, the logic has not changed since May. Delivery Hero operates in more than 60 countries across Europe, the Middle East, Asia, Africa, and Latin America through brands including Foodpanda, Glovo, Talabat, and Baedal Minjok. The combined company would span 99 markets with pro-forma gross bookings of $236bn in 2025.

Uber had already been making room for the acquisition, pausing five of seven planned 2026 European launches and completing its Getir acquisition in Türkiye earlier this year. The price stands out because Uber is also pouring money into autonomy, with roughly $10bn committed to robotaxis, including $1.25bn to Rivian for a fleet of up to 50,000 autonomous vehicles, plus deals with Wayve, Nissan, Lucid, Nuro, and MOIA.

Delivery Hero CEO Niklas Östberg, who co-founded the company in 2011, said in May that he would step down once a successor is chosen, with the handover targeted for the end of 2026 and no later than 31 March 2027.