- Uber launched a €13 billion ($14.8 billion) cash takeover of Berlin-based Delivery Hero, building a delivery network spanning 99 countries.
- To pre-empt antitrust objections, Delivery Hero will carve out and sell operations in 14 overlapping markets to SSW Partners for about €1.4 billion.
- Uber offered Germany heavy concessions — €2 billion of investment through 2031 and job guarantees — though the deal isn't expected to close until late 2027.
- Uber — acquirer building a global delivery network
- Delivery Hero — Berlin-based target being acquired
- SSW Partners — buying the 14 carved-out overlapping markets
- Prosus — Delivery Hero shareholder backing the bid
BERLIN — In a transaction that looks less like a standard corporate takeover and more like a masterclass in pre-emptive antitrust maneuvering, Uber Technologies, Inc. has launched a voluntary cash takeover offer for Berlin-based Delivery Hero. The deal values the company at €13 billion ($14.8 billion) on a fully diluted basis, laying the foundation for a monolithic logistics network spanning 99 countries.
Although this figure is just the tip of the iceberg! The deal dovetails with autonomous ambitions, echoed by Pony.ai’s robotaxi pipeline topping 4,000 vehicles.
Instead of waiting for regulatory scrutiny, Uber has already set its target. On the contrary, Delivery Hero has agreed to spin off and sell its operations across 14 overlapping markets to New York-based investment firm SSW Partners for approximately €1.4 billion ($1.6 billion).
Uber is attempting to bypass lengthy antitrust objections from regulatory bodies like Brussels before they can even be voiced. How? By keeping the geographic regions where both Uber Eats and Delivery Hero compete undisclosed.
The Numbers Behind the Uber Delivery Hero Acquisition
Under the terms of the takeover, Uber is offering Delivery Hero shareholders €41.50 per share in cash. Adjusted for the 36.5% voting and economic derivative stake Uber already amassed in the German startup, the net cash consideration sits closer to $13.7 billion.
Two premium calculations have emerged, both reflecting different market realities:
- The 3-Month Average: The offer is a substantial 34% premium over the three-month volume-weighted average price.
- The Recent Surge: It sits at a modest 8.7% premium over the previous day’s close, a reflection of Delivery Hero’s stock rising on takeover whispers.
To cross the finish line, Uber has set a minimum acceptance threshold of 50% plus one share. It is already well on its way.
Technology investment giant Prosus, which owns 17% of Delivery Hero, has irrevocably committed to tender its shares, pushing Uber’s economic interest to roughly 53%.
At a glance, the headline terms of the tender offer break down as follows:
| Deal metric | Figure |
|---|---|
| Equity value (fully diluted) | €13 billion ($14.8 billion) |
| Offer price per share (cash) | €41.50 |
| Net cash consideration | ~$13.7 billion |
| Premium to 3-month VWAP | 34% |
| Premium to prior close | 8.7% |
| Minimum acceptance threshold | 50% + 1 share |
| Uber economic interest (with Prosus) | ~53% |
Bypassing Regulators via the Carve-Out
The 14 markets handed to SSW Partners include heavy-overlap brands such as Yemeksepeti (Türkiye), Foodora (Austria and Scandinavia), and Glovo (Spain, Portugal, and Poland). Last-mile logistics is consolidating, as Amazon Prime Air expands to nearly 500 US cities.
Uber will exercise zero operational control over these entities; SSW Partners will operate them independently using Delivery Hero’s tech backbone while seeking long-term strategic buyers.
For the remaining 50 markets that Uber is keeping, the potential is vast. The combined operations are projected to generate a pro-forma 2025 Gross Merchandise Value (GMV) of $236 billion. Businesses scaling delivery operations can source logistics and delivery services via RFQ.
For Middle Eastern markets, the impact is particularly acute. Popular brands, such as Talabat (operating across eight Gulf and North African nations) and Saudi Arabia’s Hungerstation, have been kept in Uber’s retained portfolio, consolidating Uber’s dominant grip on the MENA delivery ecosystem. Global consumer platforms are reshaping their footprints too, as in Shein’s Hong Kong debut.
The split between what Uber divests and what it keeps looks like this:
| Carved out to SSW Partners (14 markets) | Retained by Uber (50 markets) |
|---|---|
| Yemeksepeti (Türkiye) | Talabat (eight Gulf & North African nations) |
| Foodora (Austria & Scandinavia) | Hungerstation (Saudi Arabia) |
| Glovo (Spain, Portugal, Poland) | Uber Eats network across the MENA ecosystem |
| ~€1.4 billion ($1.6 billion) sale price | Pro-forma 2025 GMV of $236 billion |
A Treaty with Berlin
To smooth the political aspect in Germany, Uber has offered heavy concessions:
- Capital Commitment: €2 billion of planned investments in Germany through 2031.
- Job Safeguards: Retaining Delivery Hero’s Berlin headquarters and workforce until at least 2029.
- Corporate Autonomy: A commitment not to enter a Domination and Profit Transfer Agreement (DPTA), the German legal mechanism used to directly siphon off a subsidiary’s cash flow, for at least three years.
Even with the pre-emptive carve-outs, the deal is not expected to close until the second half of 2027, signaling that a rigorous, global regulatory road still lies ahead. Big-ticket dealmaking is sweeping tech, including Visa’s $2.4B BioCatch acquisition.
On Frankfurt’s exchange, Delivery Hero shares dipped slightly by 0.5% to €37.90 following the news, trading just below the €41.50 offer price. This delta is a common market signal of the lingering integration and completion risks ahead.
Nevertheless, following DoorDash’s £2.9 billion acquisition of Deliveroo last year and Prosus consolidating its control over Just Eat Takeaway, the delivery wars are entering their endgame. Uber has just made its ultimate play for global supremacy. Tech is reshaping how people shop and receive goods, including how China is quietly automating British shopping.
Frequently Asked Questions (FAQs)
Uber Technologies has launched a voluntary cash takeover offer for Berlin-based Delivery Hero, valuing the company at €13 billion ($14.8 billion) on a fully diluted basis. The deal would build a food-delivery and logistics network spanning 99 countries, and Uber structured it to pre-empt antitrust objections rather than wait for regulatory scrutiny.
Uber is offering Delivery Hero shareholders €41.50 per share in cash. Adjusted for the 36.5% voting and economic derivative stake Uber already holds, the net cash consideration sits closer to $13.7 billion. The offer is a 34% premium to the three-month volume-weighted average price and 8.7% over the prior day’s close.
To pre-empt antitrust objections from regulators such as Brussels, Delivery Hero will carve out and sell operations in 14 overlapping markets, including Yemeksepeti, Foodora and Glovo, to New York-based SSW Partners for about €1.4 billion ($1.6 billion). Uber will hold zero operational control over those entities, which SSW will run independently on Delivery Hero’s tech backbone.
Despite the pre-emptive carve-outs, the deal is not expected to close until the second half of 2027, signaling a rigorous global regulatory road ahead. Uber has set a minimum acceptance threshold of 50% plus one share, and Prosus, which owns 17% of Delivery Hero, has committed to tender, pushing Uber’s economic interest to roughly 53%.
Uber pledged €2 billion of investment in Germany through 2031, agreed to retain Delivery Hero’s Berlin headquarters and workforce until at least 2029, and committed not to enter a Domination and Profit Transfer Agreement (DPTA) — which would let it siphon a subsidiary’s cash flow — for at least three years.
Uber retains 50 markets, including Talabat, which operates across eight Gulf and North African nations, and Saudi Arabia’s Hungerstation, consolidating its grip on the MENA delivery ecosystem. The combined retained operations are projected to generate a pro-forma 2025 Gross Merchandise Value (GMV) of $236 billion.
The Uber Delivery Hero acquisition follows DoorDash’s £2.9 billion purchase of Deliveroo and Prosus consolidating its control over Just Eat Takeaway, marking what the article calls the endgame of the delivery wars. On Frankfurt’s exchange, Delivery Hero shares traded at €37.90, just below the €41.50 offer, reflecting lingering completion risk.
