Uber Technologies Inc (NYSE:UBER, XETRA:UT8) has agreed to acquire Delivery Hero (XETRA:DHER, OTCQX:DLVHF) in a cash takeover offer valued at $14.8 billion, as the ride-hailing and delivery company moves to expand its global food delivery operations.
Under the terms of the agreement, Uber will offer Delivery Hero (XETRA:DHER, OTCQX:DLVHF) shareholders €41.50 per share in cash, representing an equity value of $14.8 billion for the company, or $13.7 billion adjusted for Uber’s previous stake purchases.
Uber said the combination will extend its mobility and delivery platform to 99 markets, with combined pro forma gross bookings of $236 billion in 2025. The company expects the transaction to be accretive to non-GAAP earnings per share upon closing, with high-single-digit percentage accretion expected by the third year.
Delivery Hero’s management board and supervisory board have unanimously welcomed and supported the offer and intend to recommend shareholders tender their shares, subject to review of the offer document. Prosus has also committed to tender its Delivery Hero shares, which would increase Uber’s total economic interest in the company to approximately 53%.
Separately, Delivery Hero has agreed to sell parts of its business covering 14 markets to SSW Partners for approximately $1.6 billion, subject to completion of Uber’s takeover offer and other conditions. Uber will not acquire control of those businesses, with SSW Partners set to independently manage the assets and seek long-term strategic partners.
The businesses being acquired by Uber include operations across 50 markets that generated $42 billion in gross bookings in 2025, while the businesses being transferred to SSW generated approximately $11 billion in gross bookings.
The acquisition is expected to nearly double the number of markets where Uber offers both mobility and delivery services, increasing that footprint from 34 to 58 markets. Uber said the combination would support its cross-platform strategy by expanding customer engagement, merchant tools and delivery network density.
Uber said it plans to maintain Delivery Hero’s headquarters in Berlin and has committed to making no workforce changes there until at least 2029. The company also pledged to invest €2 billion in Germany over the next five years, focusing on its corporate workforce, nationwide operations, and autonomous vehicle initiatives.
The transaction will be funded through existing cash resources and new debt financing, with Uber securing a committed bridge facility of approximately €14 billion. The company said the deal is structured to maintain its investment-grade credit rating, with gross leverage expected to remain below two times.
Uber CEO Dara Khosrowshahi wrote that the deal would bring together Uber’s technology platform with Delivery Hero’s local brands and delivery capabilities, allowing the combined company to expand delivery services to more customers while creating additional opportunities for merchants and couriers.
Delivery Hero CEO Niklas Östberg wrote that the transaction would provide opportunities for employees, shareholders and partners, adding that the companies’ shared focus on innovation would help advance Delivery Hero’s food delivery and quick commerce operations.
Shares of Delivery Hero were flat at about €38 following the announcement, while Uber shares added 1% at $73.