Uber agrees 12.7-billion-euro deal for Delivery Hero

Uber and Delivery Hero said Thursday that Uber had agreed a 12.7-billion-euro, or $14.6-billion, deal to take over the German food delivery group, in the latest consolidation move in the food delivery industry.

Delivery Hero operates in more than 60 markets and has expanded from food delivery into quick commerce, including household items and groceries. The companies said the deal would bring together two businesses operating in 99 markets, which delivered goods and services worth $236 billion in 2025.

Uber is offering 41.50 euros per Delivery Hero share, above the company's Thursday share price of nearly 39 euros. The offer values the transaction at 12.7 billion euros. Delivery Hero's management recommended that shareholders accept the offer, which is expected to be finalised in the second half of 2027. For the deal to go through, it needs acceptance from holders of 50 percent of Delivery Hero stock plus one share.

Uber is acquiring Delivery Hero businesses in 50 markets. Delivery Hero operates under several brand names, including foodpanda in much of Asia, Glovo in parts of Europe and Africa, PedidosYa in Latin America, and talabat in the Middle East.

The companies said Uber will not take over Delivery Hero operations in 14 mainly European markets where the two firms already compete. Those businesses are being sold to US investment firm SSW Partners for 1.4 billion euros, in a step aimed at addressing competition concerns.

The deal is expected to face scrutiny from regulators because of its possible effect on competition. Kai Hudetz, managing director of the IFH Koeln retail research institute, said acquisitions can increase a company's market power and create a risk of higher prices. He also said it was a major challenge for anti-trust authorities to assess acquisitions in the digital sphere.

The announcement follows other large food delivery deals, including DoorDash's takeover of Britain's Deliveroo and Prosus's acquisition of Dutch company Just Eat Takeaway. The Uber-Delivery Hero deal had been widely expected after Uber built a stake of more than 30 percent in Delivery Hero.

Delivery Hero chief executive and co-founder Niklas Oestberg said Uber's mobility and delivery platform and the companies' shared focus on innovation made the deal the right partnership for Delivery Hero's local food delivery and quick commerce businesses. Uber chief executive Dara Khosrowshahi said the merger would extend delivery services to more people and create more opportunities for merchants and couriers.

Delivery Hero shares were volatile in Frankfurt after the announcement, first falling by more than two percent before rising to trade one percent higher.