Uber’s Debut Euro Bond Plan and the Delivery Hero Financing Stack

Uber is sounding out investors for its first bond offering denominated in euros while it pursues the acquisition of Delivery Hero. The proposed issuance would give Uber access to longer-dated euro debt alongside its existing acquisition facilities, though it was still a marketing plan rather than a completed bond sale at the time of the investor calls. 2

The proposed bond structure

Uber mandated Goldman Sachs, BNP Paribas, BofA Securities, Deutsche Bank and Morgan Stanley to arrange fixed-income investor calls on September 7 and 8. The company was expected to market fixed-rate euro notes in five maturity buckets: 3, 6, 8, 12 and 20 years. 2

Those are proposed tenors, not final securities. Public reporting did not disclose the amount allocated to each tranche, the final legal maturities, coupon rates, yield spreads or pricing. The eventual transaction could therefore differ from the preliminary maturity lineup, depending on demand and market conditions.

How the bonds fit the Delivery Hero financing

Uber’s voluntary public offer for Delivery Hero is supported by a €14.2 billion senior unsecured bridge facility. Uber said it would fund the offer with cash on hand and new debt financing. 16

Bridge loans are designed to provide committed financing around a transaction, while companies commonly replace or reduce that shorter-term funding with term loans and bonds over time. Uber had already signed a €4.0 billion term-loan facility on August 6, reducing commitments under the bridge facility by the same amount. 3

Against that backdrop, the proposed euro bond deal appears to be another step in terming out the acquisition financing. Issuing debt in euros would also naturally align the borrowing currency with the offer’s euro cash consideration. That currency-match rationale is an inference from the structure of the offer and the proposed euro notes; Uber had not publicly disclosed final bond proceeds or a definitive allocation of proceeds in the reporting provided. 26

The takeover at the center of the funding plan

Uber is offering Delivery Hero shareholders €41.50 in cash per share, valuing 100% of the company at $14.8 billion, or $13.7 billion after accounting for Uber’s earlier stake purchases. 6

The formal acceptance period opened on August 27, 2026, and is scheduled to end on November 5, 2026 at 24:00 Frankfurt time. Delivery Hero’s management board and supervisory board recommended that shareholders accept the offer, subject to the qualifications in their joint statement.

Prosus has provided an irrevocable undertaking to tender its remaining 16.8% Delivery Hero stake to Uber if the offer completes. The transaction remains subject to its stated conditions, including a minimum acceptance threshold and regulatory clearances.

What investors should watch next

The investor calls establish the potential framework for Uber’s euro market debut, but they do not settle its economics. The key next disclosures would be:

• total proceeds and the size of each maturity tranche;
• coupon rates, spreads and investor demand;
• the specific amount, if any, directed to reduce or replace the remaining bridge commitments; and
• the outcome of Delivery Hero’s shareholder acceptance process and regulatory reviews.

For now, the clear takeaway is that Uber is building a more durable funding stack for a large euro-denominated acquisition: cash, bridge financing, term loans and potentially long-dated euro bonds. 136