Uber agrees to buy Delivery Hero in $14.8 billion deal

Signage for Delivery Hero at the company's headquarters in Berlin. (Krisztian Bocsi/Bloomberg)

Uber Technologies Inc. has agreed to buy Delivery Hero SE in a deal that values the German food-delivery company at $14.8 billion and expands the U.S. firm’s global operations.

Uber offered to pay 41.50 euros ($47.60) a share and will acquire Delivery Hero’s operations in 50 markets, the company said in a statement on July 16, confirming an earlier Bloomberg News report. The company already owns a direct stake of about 25% and the transaction is pending regulatory approval.

The offer is about a 26% premium on the 33 euros per share Uber originally offered in May, fueling Delivery Hero’s stock, which is up 66% year to date.

In a separate transaction, investment firm SSW Partners will acquire 14 other markets for about $1.6 billion and will operate the businesses until it finds buyers for the assets, which include units in Austria, Norway, Spain and Sweden. Hiving off some markets may ease regulatory concerns about the deal.

The food delivery market, which boomed during the COVID-19 pandemic and spawned dozens of players, has been rapidly consolidating in recent years. Ride-hailing company Uber has been making acquisitions overseas to strengthen its position internationally, where hometown rivals like DoorDash Inc. are making similar moves. DoorDash agreed to buy the U.K.’s Deliveroo Plc last year, while Prosus struck a deal to acquire Just Eat Takeaway.com NV.

The acquisition marks a sizable expansion in Asia, Latin America and the Middle East for Uber and boosts its total markets to 99 from 79. Uber will fund the deal with its own cash and new debt and said it has secured a 14 billion-euro bridge loan. 

Delivery Hero (@deliveryherocom) is joining forces with @Uber

Mobility + local delivery + Quick Commerce + innovation. One platform. Global scale. The industry's biggest opportunity.

Read the full announcement on our website. — Delivery Hero (@deliveryherocom) July 16, 2026

Prosus, a significant Delivery Hero shareholder, is selling down its entire 16.8% stake as part of the transaction. 

Delivery Hero, formed in 2011, has been conducting a strategic review following pressure from shareholders, which include Aspex Management, the hedge fund that succeeded in ousting founder Niklas Östberg and has lobbied for more asset sales. The company’s shares are up 68% so far this year.

Uber has committed to retain Delivery Hero’s Berlin headquarters and corporate workforce until at least 2029, the German company said in a statement. The U.S. firm also intends to invest about 2 billion euros in Germany through 2031.

During a call with analysts, CEO Dara Khosrowshahi said Uber would focus on cross-selling its ride-hailing and food delivery services in Korea and the Middle East.

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Uber will acquire Delivery Hero’s operations in 50 markets. (Delivery Hero)

Chief Financial Officer Balaji Krishnamurthy said Delivery Hero and Uber’s businesses operate on a common back-end architecture, which will make a transition simpler. 

“We do think that will allow us to move with speed once we have approvals here,” he said.

SSW was co-founded by former Lazard Inc. banker Antonio Weiss as well as Quadrangle Group co-founder Joshua Steiner, who also serves as a board member of Bloomberg Inc., and former Goldman Sachs Group Inc. executive Eric Schwartz.

Uber Freight ranks No. 16 on the Transport Topics Top 100 list of the largest logistics companies in North America. 

Written by Ryan Gould, Eyk Henning, Vinicy Chan and Loni Prinsloo