Uber lines up €14.8B cash takeover bid for Delivery Hero

Uber Technologies has formally launched a public takeover offer for Berlin-based food delivery company Delivery Hero, offering cash consideration of €41.50 per share to all shareholders. The bid implies an equity value of around $14.8 billion for 100% of Delivery Hero, or about $13.7 billion after accounting for Uber’s previously acquired stake via shares and derivatives. The offer is structured as a voluntary takeover under German law and is subject to a minimum acceptance threshold of 50% plus one share of Delivery Hero’s outstanding share capital, including Uber’s existing holdings. Uber will finance the transaction with a combination of cash on its balance sheet and new debt, supported by a committed bridge facility of approximately €14 billion.

Prior to the offer, Uber had already accumulated a significant position in Delivery Hero, holding roughly 24.77% of the company’s issued voting share capital directly and an additional economic exposure of about 11.74% through equity derivatives. Major shareholder Prosus has entered into an irrevocable undertaking to tender its stake of around 17% of Delivery Hero’s shares, which would raise Uber’s total economic interest in the company to approximately 53% if the offer completes. Under the agreed terms, Uber has committed not to enter into a Domination and Profit Transfer Agreement for three years following completion. Closing of the transaction is targeted for the second half of 2027, pending merger control and financial regulatory approvals.

As part of the overall deal structure, Delivery Hero has separately agreed to sell businesses in 14 markets to New York-based investment firm SSW Partners for about $1.6 billion. These disposals focus on regions where Uber Eats and Delivery Hero’s operations already overlap, and are intended to reduce competitive overlap and potential antitrust concerns. Uber will not acquire control over the businesses transferred to SSW; SSW will independently manage these assets and seek strategic partners. Strategically, the acquisition would extend Uber’s combined mobility and delivery platform to 99 markets, with projected pro-forma gross bookings of $236 billion in 2025, significantly strengthening Uber’s international food delivery footprint.

The takeover comes after several months of negotiations and earlier indicative offers at lower valuations, including proposals around €33 to €38 per share that were rejected by Delivery Hero shareholders. Media reports had previously cited potential deal values in the €12.5 billion range at roughly €41 per share, reflecting the evolving price discussions before the final €41.50-per-share offer was announced. The confirmed bid marks a major consolidation move in the global delivery sector, positioning Delivery Hero within Uber’s broader strategy to expand beyond its core U.S. market and intensify competition with rivals such as DoorDash in Europe, the Middle East, Asia and Latin America.