SAN FRANCISCO (TechGenez) – Uber Technologies has entered into a business combination agreement with Delivery Hero, the world’s leading local delivery platform, in a deal valued at $14.8 billion.
The transaction will extend Uber’s global mobility and delivery network to a total of 99 markets, with combined pro-forma Gross Bookings of $236 billion in 2025. Under the terms of the voluntary takeover offer, Uber will pay €41.50 per share in cash to all Delivery Hero shareholders.
The deal is expected to be highly accretive to non-GAAP earnings per share upon close and will generate high-single-digit percentage accretion by year three.
Deal Structure and Expected Benefits
The transaction will give Uber control over approximately 50 markets that generated $42 billion in Gross Bookings in 2025, while Delivery Hero’s businesses in 14 overlapping markets will be sold to SSW Partners for approximately $1.6 billion. Uber will not acquire control over those businesses, and SSW will lead the process to find strategic partners for them.
By bringing together Uber’s global technology platform with Delivery Hero’s strong local brands, merchant relationships and delivery capabilities, the combined company will offer consumers greater choice, enhanced value and a seamless Uber One membership experience across more daily needs.
For merchants, the larger user base is expected to create incremental demand and improve advertising and promotional tools. For couriers and drivers, a denser network will drive higher order volumes and more earning opportunities.
The deal nearly doubles the number of markets where Uber offers both mobility and delivery services, from 34 to 58 markets.
Management and Board Support
The management board and supervisory board of Delivery Hero have unanimously welcomed the takeover offer and intend to recommend that shareholders tender into the deal, subject to their review of the offer document.
Prosus, a major shareholder, has irrevocably committed to tender all its shares, bringing Uber’s total economic interest to approximately 53 percent.
Delivery Hero CEO Niklas Östberg said: “Uber’s global mobility and delivery platform and our shared commitment to innovation make this the right partnership to build on Delivery Hero’s strengths in local food delivery and Quick Commerce, and to take our Everyday App strategy further for our customers.”
Delivery Hero Chair Kristin Skogen Lund added: “The Supervisory Board has been closely involved and fully supports the proposed transaction and we appreciate Uber’s shared interest in preserving and building on the Delivery Hero strengths.”
Uber CEO Dara Khosrowshahi said: “Delivery Hero’s talented team has built an extraordinary business, with beloved local brands and leading positions across many of the world’s fastest-growing delivery markets. By bringing our platforms together, we will extend affordable, reliable delivery to many millions more people in many of the world’s most dynamic economies.”
Commitments to Delivery Hero Employees and Germany
Uber has pledged to retain Delivery Hero’s headquarters and make no changes to its workforce in Berlin until at least 2029. The company has also committed to invest €2 billion in Germany over the next five years to develop its local corporate workforce and launch autonomous vehicle deployments and partnerships with the German automotive industry.
Financing and Timeline
Uber will fund the deal through existing cash and new debt financing, with a committed bridge facility of approximately €14 billion. The transaction is structured to maintain Uber’s strong investment-grade credit rating.
The takeover offer is subject to a minimum acceptance threshold of 50 percent plus one share and customary regulatory clearances. The acceptance period will commence upon publication of the offer document, which is expected in the coming months.
Closing is expected in the second half of 2027.
Advisors
Morgan Stanley and Deutsche Bank are acting as lead financial advisors to Uber, with Bank of America and Goldman Sachs also advising. Freshfields and Wachtell, Lipton, Rosen & Katz are serving as legal counsel to Uber, while Cooley LLP is providing financing-related legal advice.
SSW Partners is acting as financial advisor, with Paul Weiss, Hengeler Mueller, Baker Botts and Gibson Dunn as its legal counsel.
Conclusion
This landmark acquisition will significantly expand Uber’s reach and create substantial long-term value for customers, merchants, couriers and shareholders. By combining Uber’s proven global platform with Delivery Hero’s strong local expertise, the combined company will deliver more convenient, affordable and reliable delivery and mobility services to millions of people around the world.
