The transaction is expected to create the largest food delivery group outside China, strengthening Uber’s position as it battles growing competition from major players in the United States and Europe, including DoorDash and Prosus-owned Just Eat.
The acquisition represents a major expansion of Uber’s food delivery ambitions as the ride-hailing company seeks to build a broader global platform combining mobility and digital commerce services.
According to a joint statement by both companies, the combined business would operate across 99 countries, with a projected gross merchandise value (GMV) of $236 billion in 2025.
Uber Chief Executive Officer Dara Khosrowshahi said the partnership would significantly increase the company’s global reach by allowing it to offer both transportation and delivery services in more markets.
“Together, we'll nearly double the number of markets where we offer both mobility and delivery services,” Khosrowshahi said.
The deal, however, is expected to face a lengthy regulatory review, particularly because the combination would create a major player in a highly competitive sector with overlapping operations across several regions.
Regulatory Challenges Loom Over Deal
Uber, which is already Delivery Hero’s largest shareholder, has made the acquisition conditional on securing acceptance from more than 50% of shareholders plus one additional share.
The transaction, which has received backing from Delivery Hero’s management and supervisory board, is expected to close in the second half of 2027, subject to regulatory approvals.
Uber’s offer of €41.50 per share represents a premium of about 34% compared with Delivery Hero’s three-month volume-weighted average share price. The offer was also significantly higher than the company’s share price before speculation about a possible takeover emerged.
Following news of the deal, Delivery Hero shares closed largely unchanged, while Uber shares gained about 1.4%.
To address potential competition concerns, Delivery Hero has agreed to sell operations in 14 markets to U.S. investment firm SSW Partners for approximately €1.4 billion.
Prosus, Delivery Hero’s major shareholder, has also agreed to sell its nearly 17% stake in the company, reducing the possibility of a competing takeover offer.
Analysts at Jefferies described the approval process as potentially lengthy, warning that the deal would not be straightforward despite efforts to reduce regulatory concerns.
“The use of a financial investor to get ahead of the antitrust questions could prove successful, though the long timeline to completion (2H27) suggests it won't be a straightforward review,” the analysts said.
The deal was partly made possible by regulatory commitments Prosus offered to the European Commission during its acquisition of Just Eat Takeaway. Those commitments required Prosus to reduce its stake in Delivery Hero.
A source familiar with the matter described Prosus as a “false seller,” suggesting that the company was selling its stake primarily to satisfy regulatory requirements rather than because it wanted to exit the investment.
Food Delivery Industry Enters New Era of Consolidation
The Uber-Delivery Hero agreement reflects a broader shift in the global food delivery industry, which has moved from a fragmented market filled with regional competitors to one increasingly controlled by a small number of international platforms.
The sector has faced slowing demand following the pandemic-driven surge in online ordering, alongside rising pressure to improve profitability and respond to increased scrutiny over gig worker policies.
In recent years, leading companies have pursued aggressive consolidation strategies.
Uber expanded its delivery operations through the acquisition of Postmates, while DoorDash acquired Wolt and Deliveroo. Just Eat merged with Takeaway.com and purchased Grubhub, while Delivery Hero expanded through acquisitions including Glovo and foodpanda.
The latest transaction is expected to leave Uber and DoorDash as the dominant players in global food delivery outside China.
Excluding markets where the companies overlap, the acquisition would expand Uber Eats’ presence from 50 markets to 99, while giving Uber access to Delivery Hero’s business, which generated approximately $42 billion in gross bookings last year.
Delivery Hero also owns major brands including Talabat and PedidosYa, strengthening Uber’s position in emerging and high-growth markets.
The German company had previously rejected an earlier approach from Uber in May, when the ride-hailing company reportedly offered about €10 billion, equivalent to €33 per share.
Following expectations of a higher offer, Delivery Hero’s shares climbed close to €36, contributing to a 62% increase in the stock price this year.
Delivery Hero Sees Partnership as Path to Future Growth
Delivery Hero’s leadership said joining forces with Uber would provide the scale needed to compete in an increasingly challenging industry.
“Joining forces with a strong partner now is the right move for Delivery Hero to best secure its future competitiveness,” said Delivery Hero supervisory board chair Kristin Skogen Lund.
Founded in Berlin in 2011, Delivery Hero expanded rapidly through acquisitions to become one of the world’s largest online food delivery companies. However, in recent years it has withdrawn from some markets in an effort to focus on profitability.
As part of the agreement, Uber has committed to investing €2 billion in Germany through 2031 and retaining Delivery Hero’s Berlin headquarters and workforce until at least 2029.
Analyst Adam Ballantyne of Cambiar Investors said the acquisition would give Uber access to around 60 million monthly active users, particularly in markets where Uber has had limited operations.
“These new countries create years of additional organic growth for Uber as they penetrate rides and eats bundling and extend Uber One subscription growth,” he said.
The acquisition marks another major step in Uber’s transformation from a ride-hailing company into a broader global platform spanning transportation, delivery and subscription services.