Uber is acquiring German food delivery giant Delivery Hero in a $14.8 billion deal

The voluntary takeover offer puts €41.50 per share in cash on the table for Delivery Hero shareholders. The offer represents a premium of roughly 127% over Delivery Hero's unaffected three-month volume-weighted average share price prior to May 8, 2026, and about 34% over the three-month average prior to Thursday's announcement, the company said. Uber had previously proposed €33 per share in May, according to the Wall Street Journal.

As a result of the deal, Uber's combined mobility and delivery footprint will grow to 99 markets from 79, and the number of markets where it operates both services will nearly double, rising from 34 to 58, the company said. The combined businesses posted pro-forma gross bookings of $236 billion in 2025.

Uber will acquire Delivery Hero's operations in 50 markets — which generated $42 billion in gross bookings last year — spanning brands including Baedal Minjok in South Korea, Glovo across multiple countries, HungerStation in Saudi Arabia, talabat across the Middle East, and PedidosYa across Latin America.

In a separate transaction, New York-based investment firm SSW Partners agreed to acquire Delivery Hero's businesses in 14 markets, including foodora in Austria, Norway, and Sweden, Glovo in Spain and Poland, and Yemeksepeti in Turkey, for approximately $1.6 billion. Those operations generated $11 billion in gross bookings in 2025. SSW said it will seek buyers for those assets after the transaction closes.

Prosus, which holds the second-largest position in Delivery Hero, has agreed to participate in the offer by tendering its approximately 17% stake. Combined with Uber's existing 24.77% direct stake and an additional roughly 11.74% economic exposure through equity derivatives, Uber's total economic interest would reach approximately 53%, the company said.

Delivery Hero's management board and supervisory board said they unanimously support the offer and intend to recommend that shareholders tender their shares.

To finance the acquisition, Uber plans to draw on cash on hand and raise new debt, and has arranged a committed bridge facility of approximately €14 billion. The deal is expected to be accretive to non-GAAP earnings per share upon closing, with high-single-digit percentage accretion by year three, the company said. Closing is expected in the second half of 2027, pending regulatory approvals including merger control clearances.

Uber also committed to keeping Delivery Hero's Berlin headquarters open and leaving its German workforce unchanged through at least 2029, while earmarking €2 billion for investment in Germany by 2031, directed toward its corporate operations, domestic business expansion, and autonomous vehicle initiatives.