Uber launches $14.8bn takeover of Delivery Hero to create global delivery giant

October 2026 | DEALFRONT | MERGERS & ACQUISITIONS

Financier Worldwide Magazine

October 2026 Issue

Uber Technologies has agreed to acquire rival Delivery Hero in a $14.8bn deal that would further consolidate the global food-delivery market and expand the reach of Uber Eats across Europe, the Middle East, Asia and Latin America.

Under the terms of the proposed transaction, Uber will offer Delivery Hero shareholders cash consideration of €41.50 per share, representing an implied equity value of $14.8bn for the company, or $13.7bn after accounting for Uber’s previous stake purchases.

The transaction remains subject to shareholder acceptance and regulatory approvals and is expected to complete during the second half of 2027. As part of the deal, Delivery Hero has agreed to sell businesses operating in 14 markets, including its Turkish subsidiary Yemeksepeti, to New York-based investment firm SSW Partners for approximately €1.4bn.

The divestments are designed to reduce overlap between Uber Eats and Delivery Hero and help address competition concerns. The combined business would operate in 99 countries and generate pro-forma gross bookings of $236bn based on 2025 figures supplied by Delivery Hero.

Uber, already a significant shareholder in Delivery Hero, has also secured support from major investor Prosus, which has agreed to tender its stake as part of the takeover process.

“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,” he added.

“We are excited about this opportunity with Uber and the possibilities it offers for our employees, shareholders, and partners,” said Niklas Östberg, chief executive of Delivery Hero. “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. 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,” said Kristin Skogen Lund, chair of the Delivery Hero supervisory board. “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.

“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 the Delivery Hero strengths,” he added.

“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.”

Founded in Berlin in 2011, Delivery Hero expanded through acquisitions and owns brands including Talabat and PedidosYa. The company rejected an earlier Uber approach disclosed in May that valued the business at roughly €10bn, or €33 per share.

As part of the proposed takeover, Uber has committed to invest €2bn in Germany through 2031 and retain Delivery Hero’s Berlin headquarters and workforce until at least 2029.

Richard Summerfield