Uber is betting big on the future of food delivery. The ride-hailing giant has agreed to acquire Germany’s Delivery Hero in a $14.8 billion deal that would create the largest food delivery group outside China. If regulators approve the transaction, Uber will dramatically expand its reach across Europe, Asia, Latin America, the Middle East, and Africa, adding millions of customers to its global platform.
The agreement follows weeks of speculation over Delivery Hero’s future. Last month, the Financial Times reported that Riyadh-based quick-commerce unicorn Ninja was exploring a bid for HungerStation, Delivery Hero’s Saudi food-delivery business. The report highlighted the strategic value of Delivery Hero’s Middle East operations, one of the company’s fastest-growing regional assets.
The acquisition marks another major step in the years-long consolidation of the food delivery industry. Growth has cooled since the pandemic surge; investors have pushed companies to improve profits, and competition has shifted from winning new cities to building global scale. Uber is betting that acquiring one of Europe’s largest delivery companies will strengthen its position against DoorDash and Just Eat as scale becomes an increasingly important advantage.
Uber, which is already Delivery Hero’s largest shareholder, said the acquisition values the Berlin-based company at €41.50 per share. The offer represents about a 34% premium over Delivery Hero’s three-month volume-weighted average share price and roughly 9% above Wednesday’s closing price.
Uber’s Biggest Food Delivery Bet Yet: $14.8 Billion Deal for Delivery Hero
The combined company would operate across 99 countries with a projected gross merchandise value of about $236 billion in 2025, according to the companies. Uber said the transaction would nearly double the number of markets where it offers both ride-hailing and food delivery services.
“Together, we’ll nearly double the number of markets where we offer both mobility and delivery services,” Uber CEO Dara Khosrowshahi said in the joint announcement.
The agreement still faces a lengthy regulatory review. Uber has conditioned the acquisition on securing support from shareholders representing at least 50% plus one share. Delivery Hero’s management and supervisory board have backed the offer, with the companies expecting the deal to close during the second half of 2027.
Analysts expect regulators to closely examine the acquisition, particularly in markets where Uber Eats and Delivery Hero already compete. To reduce potential antitrust concerns, Delivery Hero plans to sell operations in 14 markets to U.S. investment firm SSW Partners for about €1.4 billion before the acquisition closes.
Major shareholder Prosus has agreed to sell its nearly 17% stake in Delivery Hero, removing one of the largest obstacles to the transaction and making a competing bid less likely.
Jefferies analysts expect a lengthy approval process.
“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 wrote, according to Reuters.
Uber’s offer became possible after commitments Prosus made to the European Commission during its acquisition of Just Eat Takeaway. As part of those commitments, Prosus agreed to reduce its holdings in Delivery Hero, according to people familiar with the matter. One person described Prosus as a “false seller,” saying the stake sale was driven by regulatory requirements rather than a desire to exit the investment.
The acquisition reflects a broader shift that has reshaped online food delivery over the past several years. What was once a fragmented market filled with regional competitors has narrowed into a contest dominated by a handful of global companies.
Many of today’s largest players reached their current position through acquisitions. Uber bought Postmates. DoorDash acquired Wolt and Deliveroo. Just Eat merged with Takeaway.com and later acquired Grubhub. Delivery Hero built much of its international business through acquisitions, including Glovo and foodpanda.
Once completed, Uber’s network will grow from about 50 countries to 99, excluding overlapping markets. Delivery Hero brings in roughly $42 billion in annual gross bookings and about 60 million monthly active users, many of whom are in countries where Uber has had only a limited presence.
Adam Ballantyne, an analyst at Cambiar Investors, said the acquisition gives Uber access to years of future growth opportunities.
“These new countries create years of additional organic growth for Uber as they penetrate rides and eats bundling and extend Uber One subscription growth.”
Delivery Hero rejected an earlier Uber proposal disclosed in late May that valued the company at about €10 billion, or roughly €33 per share. Expectations of a higher offer pushed the company’s shares sharply higher in the following weeks. The stock has gained about 62% this year.
Founded in Berlin in 2011, Delivery Hero built one of the industry’s largest delivery networks through acquisitions across multiple continents. The company has spent recent years trimming less profitable operations and focusing on improving margins.
Delivery Hero supervisory board chair Kristin Skogen Lund said joining Uber gives the company a stronger position for the next stage of competition.
“Joining forces with a strong partner now is the right move for Delivery Hero to best secure its future competitiveness,” she said, adding that scale has become increasingly important in the sector.
As part of the agreement, Uber committed to investing €2 billion in Germany through 2031. The company agreed to keep Delivery Hero’s headquarters in Berlin and retain its workforce until at least 2029.
If regulators approve the acquisition, the deal will leave Uber and DoorDash as the dominant global food delivery companies outside China. The transaction signals that the industry’s next chapter will be shaped less by geographic expansion and more by scale, operating efficiency, and the ability to serve customers across multiple services under a single platform.
