Uber acquires Delivery Hero for €12.7 billion – Prosus divests stake

Delivery Hero was founded in 2011 in Berlin and has been listed on the Frankfurt Stock Exchange since 2017, where the company trades under the ticker DHER and the ISIN DE000A2E4K43. Listed on the MDax, the company operates platforms in more than 70 countries and, according to its own information, is one of the world's largest food delivery services, with a particularly strong presence in Asia, Southern Europe, the Arabian Peninsula, and Africa. The corporate network includes the brand Foodora, among others.

Prosus clears the way

The deciding factor for the offer was the approval of major shareholder Prosus. The Dutch technology investor, Delivery Hero's second-largest shareholder, holds 16.8 percent of the shares and has committed to selling its stake to Uber. „Der Großaktionär Prosus hat bereits zugestimmt und gibt seine knapp 17-prozentige Beteiligung ab“, reported the Handelsblatt. In addition, according to its own information, Uber has received an irrevocable tender commitment for 16.68 percent of Delivery Hero shares – meaning the minimum threshold of 50 percent plus one share is, from Uber's perspective, already met.

Dara Khosrowshahi described the deal as groundbreaking. „Das talentierte Team von Delivery Hero hat ein beeindruckendes Unternehmen aufgebaut – mit beliebten lokalen Marken und führenden Positionen in einigen der weltweit am schnellsten wachsenden Liefermärkten“, he stated. In a further statement, Khosrowshahi added: „Ubers globale Mobilitäts- und Lieferplattform und unser gemeinsames Bekenntnis zu Innovation machen dies zur richtigen Partnerschaft, um auf den Stärken von Delivery Hero in der lokalen Essenslieferung und im Quick Commerce aufzubauen und unsere Everyday-App-Strategie für unsere Kunden weiter voranzutreiben“.

Reactions from the companies

Uber had already taken a stake in Delivery Hero back in April and had gradually expanded its holdings. „Uber war erst im April bei Delivery Hero eingestiegen und hat seine Beteiligung inzwischen auf 24,99 Prozent ausgebaut“, wrote dpa. Added to this are approximately 11.74 percent from financial instruments, which would increase Uber's total economic interest – together with the Prosus package – to more than 53 percent overall. At the end of May, Uber had already indicated an offer of €33 per share, but was „angesichts des gestiegenen Aktienkurses abgeblitzt“.

Timeline and conditions

According to the announcement, the offer price represents a premium of approximately 127 percent on the unaffected volume-weighted average price of the share over the three months prior to May 8, 2026. Full completion of the transaction is expected in the second half of 2027, subject to customary regulatory approvals, the achievement of the minimum acceptance threshold, and other standard market conditions. The acceptance period will run over the coming weeks.

Delivery Hero confirmed the merger in an ad-hoc announcement. The MDax-listed company confirmed „dass es sich mit dem US-Konzern zusammenschließt“. The Management Board and Supervisory Board welcome the offer and intend – subject to their duties of care and loyalty and the review of the offer document yet to be published – to support it. The Supervisory Board is to continue to include at least two independent members as long as Delivery Hero shares are listed on the regulated market.

Commitments to the Berlin location

In return, Uber has committed to several obligations. The US company intends to maintain Delivery Hero's headquarters in Berlin as well as the operational hubs in the regions. There will be no cuts to the workforce in Berlin until at least 2029. „Uber hat sich verpflichtet, die Unternehmenskultur von Delivery Hero zu unterstützen, den Hauptsitz von Delivery Hero in Berlin sowie die operativen Hubs von Delivery Hero in den Regionen zu erhalten“, the agreement states. In addition, Uber has committed to investments of up to two billion euros in Germany by the end of 2031.

At the same time, Uber will not enter into a domination or profit and loss transfer agreement with Delivery Hero for the next three years. After completion of the offer, Uber intends to be represented on Delivery Hero's Supervisory Board by two representatives – including the Chair. Liabilities triggered by a change of control – for example, from share-based compensation, retention payments, or convertible bonds – will be financed by Uber via a shareholder loan.

Sale of business divisions to SSW Partners

Part of the transaction is also a multi-billion-euro sale of business divisions. Delivery Hero and certain subsidiaries have entered into a purchase agreement with an acquisition vehicle of the New York-based investment firm SSW Partners for the sale of business divisions in Austria, Chile, Cyprus, the Czech Republic, Ecuador, Greece, Moldova, Norway, Poland, Portugal, Romania, Spain, Sweden, and Turkey. The consideration amounts to €1.4 billion. Completion is expected together with the completion of the takeover offer in the second half of 2027.

In addition, Delivery Hero has undertaken, within 60 calendar days after completion, to issue new shares from authorized capital to Uber at €41.50 – up to a maximum of ten percent of the share capital. The proceeds from the sale and the capital increase are to be used, after completion, to settle liabilities that become due as a result of the change of control. „Der Vollzug des Verkaufs wird unter einer Reihe aufschiebender Bedingungen stehen, darunter der Eintritt sämtlicher das Angebot betreffenden Angebotsbedingungen, der Abschluss der Trennung der Zielgeschäftsbereiche von dem bei Delivery Hero verbleibenden Geschäft sowie regulatorische Freigaben“, the company stated.

Background: Prosus under EU condition

The background: Prosus is under pressure to reduce its stake in Delivery Hero. Because of the acquisition of Delivery Hero rival Just Eat Takeaway, Prosus is actually required to reduce its stake to less than ten percent by late summer, but has asked the EU for an extension due to the changed situation. With the sale to Uber, this condition becomes effectively obsolete. Acceptance of the offer is considered nearly certain, as the minimum threshold has already been met through the Prosus commitment and the other tenders.

Strategic logic of the deal

Strategically, the two companies complement each other. Uber, as a US ride-hailing and food delivery company, is already active in the German delivery business, although it previously withdrew from markets including Austria. Delivery Hero, in turn, has not been operationally active in Germany since the sale of its local business to Just Eat Takeaway. „Uber kombiniert sein bestehendes Uber Eats-Geschäft mit dem internationalen Netzwerk von Delivery Hero“, the announcement states. The deal adds markets in Asia, the Middle East, and Latin America to Uber's portfolio.

The transaction is one of the largest acquisitions in the European delivery and quick-commerce sector. JP Morgan Chase is advising Uber on the deal. The Delivery Hero Administrative Board and Supervisory Board will review the official offer result and the offer document before issuing a definitive statement. The transaction is a Business Combination Agreement between Delivery Hero SE, Uber Technologies, Inc., and the Delaware-based Uber International Technologies II Corporation.

Market outlook

Market observers view the offer as a clear signal for further consolidation in the global food delivery market. With the acquisition, Uber secures, according to its own information, direct access to the fast-growing markets outside Europe and North America in which Delivery Hero has built up market share over many years. Should the transaction be completed as planned in the second half of 2027, Uber would further strengthen its position as one of the world's leading providers in the mobility and delivery services sector.

The news was disseminated on July 16, 2026 via the dpa news channel and broadcast, among others, on Deutschlandfunk. Detailed information about the precise consequences for Delivery Hero's approximately 24,000 employees worldwide is not yet available. The management of both companies emphasized, however, that the operational independence of the regional Delivery Hero brands is to be preserved and that existing business relationships with merchants and consumers will continue.