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Uber Technologies (NYSE: UBER) has agreed to acquire Germany-based Delivery Hero AG (ETR: DHER) in a deal valued at approximately $14.8 billion, strengthening the ride-hailing company's global food delivery business as competition with DoorDash continues to intensify.
Under the agreement, Uber will pay €41.50 in cash for each Delivery Hero share, representing an 8.7% premium over the company's previous closing price. After accounting for Uber's existing ownership stake, the transaction is valued at roughly $13.7 billion.
Before announcing the takeover, Uber already held about 24.8% of Delivery Hero's voting shares and an additional 11.7% economic interest through equity derivatives. Both companies have signed a definitive agreement, and Delivery Hero's management and supervisory boards have unanimously endorsed the offer. The board plans to recommend shareholders approve the deal once the official offer document is released.
Despite the premium offer, Delivery Hero shares slipped around 1% in Frankfurt trading, remaining below Uber's bid price as investors focused on the lengthy regulatory process expected before the acquisition is finalized.
Jefferies said the muted market reaction reflects concerns about execution rather than valuation. The brokerage expects little chance of a competing bid after Prosus agreed to tender its roughly 17% stake, while Delivery Hero's board has fully backed Uber's proposal.
Analysts expect the transaction to close in the second half of 2027, highlighting the possibility of an extended antitrust review. Uber and Delivery Hero have already agreed to divest certain businesses to help address potential regulatory concerns.
The acquisition represents another major consolidation in the global food delivery industry, where companies are seeking greater scale following the rapid growth experienced during the pandemic. The sector has since faced slowing demand, rising operating costs, and tougher competition. Recent deals include DoorDash's agreement to acquire Deliveroo and Prosus' completed takeover of Just Eat Takeaway.com.
For Uber, acquiring Delivery Hero significantly expands its international presence across more than 60 markets while strengthening its long-term position in the highly competitive online food delivery industry.
