Uber e delivery hero have reached a acquisition agreement of the German home delivery group by the US company.Delivery Hero currency operation 14,8 billion dollars, equal to just under 13 billion euros, and aims to create the world's largest food delivery platform outside of China. Uber will recognize to the shareholders by Delivery Hero 41,50 euros in cash for each stock. The price represents a premium of approximately 34% compared to the weighted average of the prices recorded in the three months preceding the announcement and 8,7% compared to the €38,18 recorded at Wednesday's close.
The agreement strengthens the Uber transformation from passenger transport operator to integrated global mobility and delivery platformWith the addition of Delivery Hero, the U.S. group will significantly expand Uber Eats' presence in Europe, the Middle East, Asia, and Latin America. The resulting integration will operate in 99 countries and will have a pro-forma gross transaction value of $236 billion, based on 2025 data. The markets in which Uber will simultaneously offer transport and delivery services will increase from 34 to 58. In Italy Delivero Hero is present through Glovo, a company he bought in 2022.
The agreement comes amid growing consolidation in the industry. After experiencing strong growth during the pandemic, food delivery has become a market increasingly dependent on size, geographic coverage, and the ability to sustain significant technological investments. Uber thus aims to strengthen its position against DoorDash, which is also engaged in rapid international expansion.
Antitrust Risk: Uber Sells Businesses in 14 Markets
The overlap between Uber Eats and Delivery Hero's activities could be a source of the attention of the Antitrust authoritiesTo reduce potential obstacles, the German group agreed to sell a part of its activities, distributed in 14 markets, to the US company Ssw PartnersThe value of the transfer is approximately 1,4 billion euros, equivalent to $1,6 billion. The affected assets are primarily located in the countries where both platforms operate. Ssw Partners will subsequently need to identify investors or industrial partners for the acquired assets.
Uber has also hired a series of commitments towards GermanyThe group will invest 2 billion euros in the country by 2031 and will keep Delivery Hero's headquarters in Berlin, protecting the headquarters and workforce until at least 2029.
Uber Moves to Take Over Company, Delivery Hero Executives Say Yes
The completion of the offer remains conditional on reaching a minimum membership threshold equal to 50% of the capital plus one share. Uber, however, had already built a significant position in the German company before the deal was signed. The American group held 24,77% of the voting rights and a further 11,74% economic exposure through derivatives. Prosus, a shareholder with a stake of just under 17%, has already agreed to sell its stake. Taking this commitment into account, Uber's overall economic interest will exceed 53%.
The acquisition will be financed with available liquidity and through new debtUber has secured a bridge financing facility of approximately €14 billion and aims to keep its gross debt to operating profit ratio below two times.
Delivery Hero's management board and supervisory board have approved the agreement and intend to invite shareholders to participate in the offer after reviewing the formal document. "Food delivery is a highly competitive industry and dependent on economies of scale," stated the chairwoman of the supervisory board. Kristin Skogen Lund. “Joining forces with a solid partner today represents the right choice to ensure the future competitiveness of Delivery Hero”. Also Niklas Ostberg, co-founder and CEO of the Berlin-based group, called the agreement a strategic fit for the company's future. "Uber's global mobility and delivery platform and our shared commitment to innovation make this partnership ideal for building on Delivery Hero's strengths in local food delivery and quick commerce, and for advancing our Everyday App strategy for the benefit of customers."
La The transaction is expected to close in the second half of 2027, after completing the offer and obtaining the necessary permits.
