Our Read on Uber’s Delivery Hero Acquisition

Uber has launched a voluntary takeover offer for Delivery Hero at €41.50 per share, representing an equity value of approximately US$14.8 billion, or US$13.7 billion after adjusting for Uber’s prior stake purchases.

The acquisition would bring Delivery Hero’s portfolio of regional platforms, including foodpanda, Talabat, Glovo, PedidosYa, HungerStation, and Baedal Minjok, into Uber’s broader mobility and delivery ecosystem. The businesses acquired by Uber operate across 50 markets and generated approximately US$42 billion in gross bookings in 2025.

The combined group would span 99 countries, with pro-forma gross bookings of approximately US$236 billion in 2025.

Separately, Delivery Hero has agreed to sell businesses in 14 overlapping markets to SSW Partners for approximately €1.4 billion, partly addressing competition concerns. The takeover remains subject to shareholder and regulatory approvals, with completion expected in the second half of 2027.

This is not simply one food-delivery platform buying another.

Uber is acquiring operating networks that have taken years to build:

• Existing consumer demand
• Merchant relationships
• Courier and logistics density
• Local brands with established awareness
• Technology, payments, and operational infrastructure
• Market knowledge across different regulatory and consumer environments

Building these networks organically would require significant time, capital, and local execution.