The deal nearly doubles Uber’s mobility-and-delivery footprint to 99 markets, with Delivery Hero’s Berlin headquarters and workforce protected through at least 2029.
Uber Technologies, Inc. has entered into a business combination agreement with Delivery Hero, extending the world’s largest mobility and delivery platform to 99 markets, with combined pro forma gross bookings of $236 billion in 2025.
Under the terms of the voluntary takeover offer, Uber will offer Delivery Hero shareholders cash consideration of €41.50 per share (the “Offer Price”), representing an equity value of $14.8 billion (implied for 100% of the company), or $13.7 billion adjusted for Uber’s prior stake purchases.
Delivery Hero has entered into a separate agreement with SSW Partners, a New York-based investment firm that has led cross-border investments alongside global businesses. SSW will acquire Delivery Hero’s businesses in 14 markets, particularly where Uber Eats and Delivery Hero already overlap, subject to completion of the Uber takeover offer and other customary conditions, for a consideration of approximately $1.6 billion. Uber will not acquire control over the businesses transferred to SSW, and SSW will independently lead the process to find strategic partners that best position those businesses for long-term success.
Businesses being acquired by Uber in 50 markets, generating $42 billion of gross bookings in 2025
Businesses being acquired by SSW Partners, 14 markets generating $11 billion of gross bookings in 2025
Baedal Minjok (Republic of Korea); foodora (Hungary); foodpanda (Bangladesh, Cambodia, Hong Kong, Laos, Malaysia, Myanmar, Pakistan, Philippines, Singapore); Glovo (Armenia, Bosnia and Herzegovina, Bulgaria, Côte d’Ivoire, Croatia, Georgia, Italy, Kazakhstan, Kenya, Kyrgyzstan, Montenegro, Morocco, Nigeria, Serbia, Tunisia, Uganda, Ukraine); Hungerstation (Saudi Arabia); PedidosYa (Argentina, Bolivia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Uruguay, Venezuela); talabat (Bahrain, Egypt, Iraq, Jordan, Kuwait, Oman, Qatar, United Arab Emirates)
foodora (Austria, Czechia, Norway, Sweden); efood (Greece); Foody (Cyprus); Glovo (Moldova, Poland, Portugal, Romania, Spain); PedidosYa (Chile, Ecuador); Yemeksepeti (Türkiye)
“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, CEO of Uber. “By bringing our platforms together, we will extend affordable, reliable delivery to many millions more people in many of the world’s most dynamic economies, while creating more opportunities for merchants and couriers. Together, we’ll nearly double the number of markets where we offer both mobility and delivery services, scaling a proven platform that we believe will create significant long-term value for our customers and shareholders.”
“We are excited about this opportunity with Uber and the possibilities it offers for our employees, shareholders, and partners. Uber’s global mobility and delivery platform and our shared commitment to innovation make this the right partnership to build on Delivery Hero’s strengths in local food delivery and Quick Commerce, and to take our Everyday App strategy further for our customers,” said Niklas Östberg, CEO of Delivery Hero. “I’m grateful to our people for building this company over 15 years, and we look forward to this great next chapter together.”
“The food delivery business is highly competitive and scale-dependent. It is challenging to build from a European base, yet we have achieved an enormous amount over 15 years. Joining forces with a strong partner now is the right move for Delivery Hero to best secure its future competitiveness and ability to deliver value for all our stakeholders,” said Kristin Skogen Lund, chair of the Delivery Hero Supervisory Board. “The Supervisory Board has been closely involved and fully supports the proposed transaction, and we appreciate Uber’s shared interest in preserving and building on Delivery Hero’s strengths.”
“We are pleased to acquire these market-leading businesses,” said Josh Steiner and Antonio Weiss of SSW Partners. “We will support management to ensure that these businesses continue to grow, invest in their people, and deliver exceptional service to their customers. In parallel, we will lead the process to find the best long-term homes for these businesses, where they will continue to thrive.”
Also Read: E-commerce Doesn’t Have a Data Problem. It Has a Speed One.
Transaction Rationale
The combination is expected to accelerate innovation and deliver meaningful benefits for consumers, merchants, couriers, and drivers. By bringing together Uber’s global technology platform with Delivery Hero’s strong local brands, merchant relationships, and delivery capabilities, the combined businesses will be better positioned to offer consumers greater choice, enhanced value, and a more seamless Uber One membership experience across more of their daily needs. For merchants, Uber’s large, highly engaged, and growing user base is expected to create incremental demand, supported by enhanced advertising, promotional, and local commerce tools. For couriers and drivers, a denser combined network is expected to drive higher order volumes, improved utilization, and a broader range of delivery and mobility earning opportunities.
The transaction nearly doubles the number of markets where Uber will offer both mobility and delivery services, from 34 to 58, substantially broadening the addressable base for Uber’s proven cross-platform strategy. In Uber’s existing markets, cross-platform engagement represents a highly efficient acquisition channel, boosting engagement, with cross-platform users generating roughly three times the gross bookings and profits of single-product users. Uber expects the transaction to be accretive to non-GAAP EPS upon close and to be high single-digit percentage accretive by year three.
Commitment to Delivery Hero Employees and Investments in Germany
Uber recognizes that Delivery Hero’s success is built on the talent, entrepreneurial spirit, and dedication of its people. Uber fully supports and respects the commitments Delivery Hero has made to employees, and has pledged to retain Delivery Hero’s headquarters and make no changes to its workforce in Berlin until at least 2029. Additionally, Uber has committed to invest €2 billion in Germany over the next five years, with a focus on developing its local corporate workforce, growing its nationwide business, and launching autonomous vehicle deployments and partnerships with the German automotive industry.
Financing and Capital Allocation
Uber will fund the takeover offer through existing cash on its balance sheet and new debt financing. Uber has executed a committed bridge facility of approximately €14 billion. The transaction is structured to maintain Uber’s strong investment-grade credit rating, with gross leverage remaining below 2x and supported by Uber’s strong free cash flow generation. Uber’s existing capital allocation framework remains unchanged, including its commitment to return excess capital to shareholders through share buybacks.
Transaction Details
The takeover offer will be subject to a minimum acceptance threshold of 50% plus one share of Delivery Hero’s outstanding share capital (inclusive of shares owned by Uber) and certain further conditions, including receipt of certain merger control and financial regulatory clearances, which will be set out in full in the offer document. Prior to the announcement of the takeover offer, Uber held approximately 24.77% of Delivery Hero’s issued voting share capital directly and held additional economic exposure of approximately 11.74% through equity derivatives. Prosus has entered into an irrevocable undertaking agreement to tender all of its Delivery Hero shares (approximately 17% of shares outstanding) into the offer, bringing Uber’s total economic interest to approximately 53%. Uber has committed not to enter into a Domination and Profit Transfer Agreement (DPLTA) for a period of 3 years. Closing is expected in the second half of 2027.
Also Read: The Organizations That Survive Disruption Never Had to Recover From It
The offer document will be submitted to BaFin for approval and published in accordance with the German Securities Acquisition and Takeover Act (WpÜG). The acceptance period for the takeover offer will commence upon publication of the offer document.
The offer document and other information pertaining to the takeover offer will be published, following BaFin’s approval, on this website: www.delivering-value.com.
