Uber Technologies has entered into a business combination agreement to acquire Delivery Hero, the Berlin-based food delivery and quick commerce platform operating in approximately 65 countries, through a voluntary cash takeover offer of €41.50 per share — implying an equity value of $14.8 billion for 100% of the company, or $13.7 billion adjusted for Uber’s prior stake purchases. The transaction will be financed through existing cash and new debt, including a committed bridge facility of approximately €14 billion. Uber has committed to maintaining gross leverage below 2x and preserving its investment-grade credit rating. Closing is expected in the second half of 2027, subject to regulatory approvals including merger control clearances.
As part of the transaction, Delivery Hero has separately agreed to sell its businesses in 14 markets — primarily those where Uber Eats and Delivery Hero overlap — to SSW Partners, a New York-based private investment firm, for approximately $1.6 billion. SSW will acquire those businesses independently and lead a process to find long-term strategic partners for each. Uber will not acquire or control the businesses transferred to SSW.
Prior to the announcement, Uber held approximately 24.77% of Delivery Hero’s issued voting share capital directly and an additional approximately 11.74% in economic exposure through equity derivatives. Prosus, one of Delivery Hero’s largest shareholders at approximately 17% of shares outstanding, has entered into an irrevocable undertaking to tender its full stake into the offer, bringing Uber’s total economic interest to approximately 53%. The offer is subject to a minimum acceptance threshold of 50% plus one share. Uber has committed not to enter into a Domination and Profit Transfer Agreement (DPLTA) for three years following closing.
The combined entity will extend Uber’s dual mobility-and-delivery platform from 34 markets to 58 markets, with combined pro-forma gross bookings of $236 billion in 2025. Uber’s cross-platform users — those using both ride-hailing and delivery — generate roughly 3x the gross bookings and profits of single-product users, giving the company strong incentive to expand the number of markets where it can offer both services simultaneously. The transaction is expected to be accretive to Non-GAAP EPS at closing and high-single-digit percentage accretive by year three.
Uber has pledged to retain Delivery Hero’s Berlin headquarters and make no changes to its German workforce until at least 2029, and has committed to invest €2 billion in Germany over the next five years, covering corporate workforce development, business expansion, and autonomous vehicle deployments in partnership with the German automotive industry.
Morgan Stanley and Deutsche Bank are lead financial advisors to Uber; Bank of America and Goldman Sachs are also advising. Freshfields and Wachtell, Lipton, Rosen & Katz are legal counsel to Uber. Evercore is advising SSW, with Paul Weiss, Hengeler Mueller, Baker Botts, and Gibson Dunn serving as legal counsel.
KEY QUOTES:
“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, while creating more opportunities for merchants and couriers. Together, we’ll nearly double the number of markets where we offer both mobility and delivery services, scaling a proven platform that we believe will create significant long-term value for our customers and shareholders.”
Dara Khosrowshahi, Chief Executive Officer, Uber
“We are excited about this opportunity with Uber and the possibilities it offers for our employees, shareholders, and partners. 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. I’m grateful to our people for building this company over 15 years, and we look forward to this great next chapter together.”
Niklas Östberg, Chief Executive Officer, Delivery Hero
“The food delivery business is highly competitive and scale dependent. It is challenging to build from a European base, yet we have achieved an enormous amount over 15 years. Joining forces with a strong partner now is the right move for Delivery Hero to best secure its future competitiveness and ability to deliver value for all our stakeholders.”
Kristin Skogen Lund, Chair, Delivery Hero Supervisory Board
“We are pleased to acquire these market-leading businesses. We will support management to ensure that these businesses continue to grow, invest in their people and deliver exceptional service to their customers. In parallel, we will lead the process to find the best long-term homes for these businesses, where they will continue to thrive.”
Josh Steiner and Antonio Weiss, SSW Partners
