Uber Agrees to $14.8bn Delivery Hero Takeover, 26% Above Its May Bid
July 16, 2026 – 8:01 am
The May bid was €33 and landed below the close. Eight weeks later it is €41.50, with 14 markets carved out to a New York firm before anyone asks about competition.
Uber has agreed to buy Delivery Hero for €41.50 a share in cash, a 26% improvement on the offer it put on the table in May, and roughly the number Delivery Hero’s largest shareholders said they wanted all along.
Key Takeaways:
- The two companies signed a business combination agreement on Thursday.
- The price values Delivery Hero at $14.8bn on a 100% basis, or $13.7bn adjusted for the stake Uber had already accumulated.
- It would create a platform spanning 99 markets with combined pro-forma gross bookings of $236bn in 2025.
- Delivery Hero’s management and supervisory boards have unanimously backed the offer and intend to recommend that shareholders tender.
- Prosus, the largest holder, has irrevocably committed its shares, securing Uber‘s total economic interest at around 53%.
Regulatory Considerations:
- To navigate potential regulatory hurdles, Delivery Hero has agreed to sell its businesses in 14 markets to SSW Partners for roughly $1.6bn.
- This deal is conditional on Uber’s offer closing.
- Uber will provide most of the financing for the acquisition, with SSW repaying over time from future sales.
- The divestiture and vendor financing structure aims to pre-empt competition authority scrutiny but its sufficiency and acceptance by regulators remain uncertain.
Strategic Rationale:
For Uber, the strategic case remains consistent since May:
- Delivery Hero operates in over 60 countries globally, through diverse brands like Foodpanda, Glovo, Talabat, and Baedal Minjok.
- It secures Uber‘s position as the last significant player in non-US food delivery markets after DoorDash absorbed Deliveroo and Just Eat Takeaway sold to Prosus.
- Uber has been preparing for this acquisition by pausing some European launches and acquiring Getir in Turkey.