Uber to buy Delivery Hero in $14.8B takeover, extending platform to 99 markets
What's the deal? Uber has agreed to acquire Delivery Hero in a voluntary takeover offer worth an equity value of $14.8 billion, or $13.7 billion adjusted for Uber's prior stake purchases. Uber will pay Delivery Hero shareholders €41.50 per share in cash. The combined platform will span 99 markets, with pro-forma gross bookings of $236 billion in 2025.
What's the endgame? Uber wants to extend its mobility and delivery platform into some of the world's fastest-growing markets. It will acquire businesses across 50 markets that generated $42 billion in gross bookings in 2025, adding Delivery Hero's local brands to its own operations.
The expansion angle: Delivery Hero has separately agreed to sell businesses in 14 markets — where Uber EatsDealroom has a profile for this one. Try Dealroom → and Delivery Hero overlap — to New York-based SSW PartnersDealroom has a profile for this one. Try Dealroom → for about $1.6 billion. Those businesses generated $11 billion in gross bookings in 2025. Uber will not control them, and SSW will independently seek strategic partners.
Why now? Both boards of Delivery Hero unanimously back the offer and intend to recommend shareholders tender their shares. ProsusDealroom has a profile for this one. Try Dealroom →, a major shareholder, has irrevocably committed to tender, which would lift Uber's total economic interest to about 53%.
What could go wrong? The deal remains subject to shareholders reviewing the offer document, the completion of the SSW transaction, and other customary conditions. The overlap between Uber Eats and Delivery Hero in several regions could invite regulatory scrutiny — one reason for carving out 14 markets to SSW.
"Delivery Hero's talented team has built an extraordinary business, with beloved local brands and leading positions across many of the world's fastest-growing delivery markets," said Dara Khosrowshahi, chief executive officer of Uber.
The signal: The takeover marks one of the largest consolidations in the food delivery sector, a market long defined by heavy competition and thin margins. Uber expects the deal to be accretive to non-GAAP earnings per share on close, reaching high-single-digit accretion by year three — a sign it is betting scale can finally turn delivery into durable profit.
Read more: Uber · The Wall Street Journal
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