Uber Acquires Delivery Hero for €13 Billion: Full Deal Breakdown

Per-Share Offer Price and Deal Terms

Uber will pay Delivery Hero shareholders €41.50 per share in cash . The offer represents a roughly 26% premium over Uber's initial May 2026 bid of €33 and a 34% premium over Delivery Hero's three-month volume-weighted average share price prior to the announcement .

Adjusted for Uber's existing ownership stake—which reached approximately 37% economic ownership through prior purchases—the net cost to Uber is approximately $13.7 billion . The deal requires acceptance from holders of more than 50% of outstanding shares (including Uber's current stake) and is subject to regulatory approvals .

Geographic Reach and Antitrust Carve-Outs

The combined platform will span 99 markets, up from Uber's 79, and will nearly double the number of markets where Uber offers both mobility and delivery services—from 34 to 58 markets . To address antitrust concerns, Delivery Hero separately agreed to sell its businesses in 14 overlapping markets—primarily in Southeast Asia (Singapore, Thailand, Malaysia, the Philippines) and parts of Latin America—to New York-based investment firm SSW Partners for approximately $1.6 billion .

Delivery Hero's retained markets include strong positions across the Middle East (Talabat, HungerStation), Latin America (PedidosYa), Asia (Foodpanda in select markets), and Europe .

Delivery Hero's Operations and Quick Commerce Growth

Delivery Hero is a Berlin-headquartered global delivery platform operating leading local brands including Foodpanda, Talabat, HungerStation, and PedidosYa . In fiscal year 2025, it reported over 3.5 billion orders, €49 billion in gross merchandise value (GMV), and €15 billion in revenue .

The company's quick commerce business—delivering groceries, health and beauty products, pet supplies, and other household goods—is a key growth driver. In 2025, quick commerce GMV reached approximately €7.5 billion, growing 40–55% year-over-year across all categories . Customers who order both food and quick commerce account for 55% of GMV . In Q1 2026, quick commerce GMV grew 30% year-over-year and represented roughly 18% of total group GMV . Delivery Hero expects quick commerce GMV to approach €10 billion in FY 2026 .

CEO Statements on the Deal

Uber CEO Dara Khosrowshahi said: "Together, we'll nearly double Uber's delivery reach, expanding from roughly 6,000 to nearly 12,000 cities across 99 markets, and we'll accelerate our leadership in quick commerce." He also stated that Uber's ambition "is straightforward, to become the world's leading commercialization platform for autonomous vehicles" .

Delivery Hero CEO Niklas Östberg said: "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" .

Both companies' boards unanimously supported the deal .

Commitments to Berlin Headquarters and Workforce

Uber committed to maintaining Delivery Hero's Berlin headquarters as a major hub and retaining the combined company's German workforce—which includes roughly 1,400 Delivery Hero employees in Berlin—for at least three years following the close, i.e., through at least 2029 .

€2 Billion Germany Investment Pledge Through 2031

In a significant commitment to the German market, Uber pledged to invest approximately €2 billion in Germany between 2027 and 2031. The investment is directed at three areas: (1) expanding its corporate workforce and engineering presence in Germany (including Uber's second-largest office outside the U.S. in Berlin), (2) accelerating food delivery and quick-commerce business growth, and (3) deploying autonomous vehicle technology across German cities .

Strategic Rationale and Market Impact

The acquisition gives Uber a dominant position in several of the world's fastest-growing delivery markets, including the Middle East, parts of Asia, and Latin America. It also turbocharges Uber's quick-commerce ambitions at a time when rapid grocery and household goods delivery is becoming a key competitive battleground.

The deal is expected to be accretive to Uber's non-GAAP earnings per share upon close, with high-single-digit percentage accretion by year three . The transaction is expected to close in the second half of 2027 .