Uber has launched a €41.50-per-share cash offer to acquire Delivery Hero in a deal valued at $14.8 billion, expanding its travel and food delivery operations to 99 markets worldwide.

The company said the takeover would combine the Uber platform with Delivery Hero's delivery brands, creating a business with combined bookings of around $236 billion in 2025. Adjusting for Uber's existing stake in Delivery Hero, the deal is valued at $13.7 billion.

As part of the transaction, Delivery Hero has agreed to sell parts of its business covering 14 markets to investment firm SSW Partners for around $1.6 billion. Uber said it will not take control of those businesses, which include operations in countries such as Spain, Poland, Portugal, Romania, Sweden, Norway, and Chile.

Uber will retain Delivery Hero businesses across 50 markets, including brands such as talabat, Hungerstation, and Baedal Minjok.

The acquisition would greatly increase the number of markets where Uber operates both mobility and delivery services, increasing from 34 to 58 markets.

Uber said the combined business would allow it to offer customers a wider range of delivery services, while giving merchants access to a larger customer base and providing couriers and drivers with more earning opportunities through a denser network.

The company expects the acquisition to increase its earnings per share immediately after completion, with high single-digit percentage accretion by the third year.

As part of the agreement, Uber has committed to retaining Delivery Hero's Berlin headquarters and keeping its workforce in the city unchanged until at least 2029. The company also plans to invest €2 billion in Germany over the next five years, focusing on expanding its local operations and developing autonomous vehicle partnerships with the German automotive industry.

Delivery Hero's management board and supervisory board have unanimously backed the offer and intend to recommend that shareholders accept it, subject to reviewing the formal offer document.

Uber already owns around 24.8 per cent of Delivery Hero's voting shares and has additional economic exposure through equity derivatives. Technology investor Prosus has agreed to tender its approximately 17 per cent stake, which would give Uber an economic interest of around 53 per cent if the transaction proceeds.

The acquisition remains subject to shareholder acceptance and regulatory approvals. Uber expects the deal to close in the second half of 2027.

"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 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.”

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