Uber buys Delivery Hero for $14.8b
The transaction will create a platform spanning 99 countries.
Uber Technologies, Inc. has announced on 16 July that it will buy Germany-headquartered Delivery Hero for an equity value of $14.8b, two days after Delivery Hero confirmed negotiations were ongoing.
The deal enables Uber to create a large mobility and delivery platform that spans 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, representing an Equity Value of $14.8b, or $13.7 billion adjusted for Uber’s prior stake purchases.
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.
Before 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 (~17% of shares outstanding) into the offer, bringing Uber’s total economic interest to ~53%. Uber has committed to not entering into a Domination and Profit Transfer Agreement (DPLTA) for a period of three years. Closing is expected in the second half of 2027.
Some of the food delivery services that Uber will buy are foodpanda, Glovo, Hungerstation, PedidosYa, and talabat.
Meanwhile, 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 a total of 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 $1.6b.
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.
