Uber offers €41.50 per share to acquire Delivery Hero

Uber Technologies (NYSE: UBER) has announced a voluntary takeover offer for Delivery Hero, a food delivery company listed on the Frankfurt Stock Exchange, offering €41.50 per share in cash, implying an equity value of $14.8 billion for 100% of the company, or $13.7 billion adjusted for Uber's prior stake purchases.

Delivery Hero's Management Board and Supervisory Board unanimously support the offer and intend to recommend shareholders tender their shares, subject to review of the formal offer document. Prosus has irrevocably committed to tender its approximately 17% stake, which would bring Uber's total economic interest to roughly 53%.

Prior to the announcement, Uber held approximately 24.77% of Delivery Hero's voting share capital directly and an additional approximately 11.74% economic exposure through equity derivatives.

Separately, Delivery Hero has agreed to sell businesses in 14 markets to SSW Partners, a New York-based investment firm, for approximately $1.6 billion. Those markets include operations under the foodora, efood, Foody, Glovo, PedidosYa, and Yemeksepeti brands across parts of Europe and Latin America. Uber will not acquire control of the businesses transferred to SSW.

Uber will directly acquire Delivery Hero operations across 50 markets, including brands such as Glovo, talabat, PedidosYa, foodpanda, Hungerstation, and Baedal Minjok, which generated approximately $42 billion in gross bookings in 2025.

Uber said it expects the transaction to be accretive to Non-GAAP EPS upon close, with high-single-digit percentage accretion by year three. The deal will be funded through existing cash and new debt financing, including a committed bridge facility of approximately €14 billion.

Uber has committed to retaining Delivery Hero's headquarters in Berlin and making no workforce changes there until at least 2029, and has pledged to invest €2 billion in Germany over five years.

The offer requires a minimum acceptance threshold of 50% plus one share and is subject to regulatory clearances. Closing is expected in the second half of 2027. The offer document will be submitted to Germany's BaFin for approval.

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