Uber raises Delivery Hero offer to $14.8 billion

Uber has made a cash offer of €41.50 a share for Delivery Hero, valuing the Berlin-based food delivery group at $14.8 billion. The deal would be Uber’s largest acquisition to date and would move another major European delivery asset into U.S. hands, following DoorDash’s purchase of Deliveroo in 2025.

The offer is a sharp step up from Uber’s first approach in May 2026, which valued Delivery Hero at about €10 billion. By July 14, discussions had lifted the valuation to €12.5 billion, and the final bid is 8.7% above Delivery Hero’s last closing share price, according to Investing.com.

Uber already owned about 24.77% of Delivery Hero’s voting shares before the announcement and held another 11.74% economic exposure through equity derivatives. Prosus, which owns about 17% of Delivery Hero, has agreed to tender its shares, taking Uber’s economic interest to roughly 53% if the transaction proceeds. Delivery Hero’s management and supervisory boards support the offer.

The deal is not closed. It needs acceptance from holders of at least 50% plus one share, as well as merger control and financial regulatory approvals. Uber said the offer document has been submitted to BaFin, Germany’s financial regulator, under the German Securities Acquisition and Takeover Act. Closing is expected in the second half of 2027.

Antitrust risk shapes the structure

Delivery Hero has agreed to sell operations in 14 markets where there is overlap with Uber Eats to SSW Partners, a New York firm, for about $1.6 billion. The carve-out is intended to reduce expected European competition concerns.

The businesses being sold include Glovo operations in Moldova, Poland, Portugal, Romania and Spain; foodora in Austria, Czechia, Norway and Sweden; efood in Greece; Foody in Cyprus; PedidosYa in Chile and Ecuador; and Yemeksepeti in Turkey. Those 14 markets generated $11 billion in gross bookings in 2025.

Uber would retain Delivery Hero operations across roughly 50 markets, which generated $42 billion in bookings. Those include Baedal Minjok in South Korea, talabat in several Middle Eastern markets, Hungerstation in Saudi Arabia, foodpanda in nine Asian countries, remaining PedidosYa operations in Latin America, and Glovo businesses in the Balkans, Caucasus and Africa.

What Uber says it is buying

The combined company would operate in 99 markets and had estimated 2025 gross bookings of $236 billion. Uber said the number of markets where it offers both mobility and delivery would rise from 34 to 58. The company also said customers using both services generate about three times as much bookings and profit as single-service users.

Uber CEO Dara Khosrowshahi said Delivery Hero has built local brands in fast-growing delivery markets and that the combination would expand Uber’s mobility-and-delivery model. Delivery Hero CEO Niklas Östberg said Uber’s platform would help advance Delivery Hero’s local delivery, quick commerce and Everyday App strategy.

Uber plans to fund the acquisition with cash on hand and a €14 billion bridge loan. The company said its capital allocation plans, including buybacks, will not change. Uber has also committed not to enter a domination and profit transfer agreement for three years, a German legal mechanism that would allow direct control over Delivery Hero’s operations and profits as a subsidiary.

Uber said it will keep Delivery Hero’s headquarters in Berlin and make no workforce changes there until at least 2029. It also pledged to invest €2 billion in Germany over five years, covering local staff, business operations and partnerships with German automakers on autonomous vehicles.

The transaction adds to a clear pattern in European mobility and delivery. DoorDash bought Deliveroo for £2.9 billion in May 2025, below Deliveroo’s 2021 IPO valuation, with up to 830 job losses tied to the deal. Lyft also bought FREENOW for $197 million in April 2025. Delivery Hero was one of the last independent European tech companies valued above $10 billion, and its sale would leave fewer scaled local platforms outside U.S. ownership.

This story draws on original reporting from TechFundingNews.