Uber Technologies Inc (NYSE:UBER, XETRA:UT8)’s increased stake in Delivery Hero (XETRA:DHER, OTCQX:DLVHF) and reported takeover approach could materially raise the probability of a full acquisition, while also introducing potential capital allocation and execution trade-offs that may temper near-term investor enthusiasm, according to Jefferies analysts.
Uber has reportedly lifted its holding in Delivery Hero to 25% (37% including instruments), up from 19.5% previously, following disclosures tied to a recent voting rights filing.
The move comes after reports that Uber submitted an $11.6 billion bid (approximately €10 billion, or €33 per share) over the weekend to acquire the remainder of the company.
Jefferies noted that Uber’s position in Delivery Hero has been built in stages over the past two years, beginning with a roughly 2.5% stake tied to the proposed Foodpanda Taiwan transaction, followed by additional purchases including a stake acquired from Prosus in April 2026 after EU regulatory divestment requirements. Uber further increased its position to 19.5% in mid-May before the latest reported step-up.
From a strategic perspective, Jefferies highlighted that a full acquisition would significantly expand Uber’s delivery footprint, adding exposure to 46 additional markets and increasing overlap with its Uber One ecosystem.
Delivery Hero currently operates across 64 countries under 11 brands, with meaningful exposure across Asia, the Middle East and North Africa, and Europe. Uber’s own delivery operations are present in a smaller set of markets, which Jefferies said could make the combination attractive from a geographic expansion and cross-sell standpoint.
The firm also pointed to limited current overlap between the two companies in European delivery markets, which could potentially ease regulatory scrutiny relative to a broader competitive overlap scenario. However, Jefferies highlighted that regulatory considerations would still be a key factor given the scale of the combined platform.
Despite the strategic rationale, Jefferies cautioned that the market may take a more measured view of a potential deal. The firm pointed to likely concerns around reduced capacity for share repurchases, particularly in light of existing capital commitments, as well as potential constraints on operational flexibility if Uber were required to invest heavily in scaling Delivery Hero’s operations. Jefferies also flagged broader investor sensitivity to Uber’s long-term organic growth trajectory.
On financing, Jefferies suggested Uber could partially offset acquisition costs by monetizing minority stakes in several portfolio investments, including Didi, Grab, Aurora, and Lime, which together represent several billion dollars in potential value.
At current trading levels near €39 per share, Jefferies noted that a full takeover would imply a valuation of roughly $14 billion for Delivery Hero, compared with an estimated $11.6 billion in FY26 free cash flow and about 12x FY27 EV/EBITDA on a pro forma basis. The company also trades at a discount to Uber on a forward multiple comparison, Jefferies added.
Shares of Uber traded 1.2% higher at $72 on Friday afternoon.