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Uber just made its biggest bet ever, and it’s not on self-driving cars. The ride-hailing giant announced an agreement to acquire Delivery Hero SE for $14.8 billion in an all-cash deal, offering €41.50 per share. That price represents roughly a 34% premium to where Delivery Hero was trading before the news dropped.
The combined entity will operate across 99 countries, making it the largest food delivery platform outside of China. Their projected gross merchandise value for 2025 sits at $236 billion.
How the deal came together
Uber already held approximately 25% of Delivery Hero before this announcement, with total interest reported as high as 36.8%.
The courtship started with an indicative offer of around €33 per share back in May 2026. Delivery Hero’s board apparently wanted more, and they got it. The final price of €41.50 represents a meaningful jump from that initial figure.
In April 2026, the company picked up additional shares from Prosus as part of EU antitrust compliance related to the Just Eat Takeaway deal.
The deal still needs to clear regulatory hurdles and requires a minimum acceptance threshold of 50% plus one share from Delivery Hero’s shareholders. Uber has also committed to keeping Delivery Hero’s Berlin headquarters and its workforce intact until at least 2029.
Why this matters beyond food delivery
Delivery Hero operates in roughly 50 markets with particular strength in Europe, the Middle East, Asia, and Latin America. Those geographies complement Uber Eats’ existing footprint rather than overlapping heavily with it.
DoorDash, Uber’s primary rival in the US, has been expanding internationally through its own acquisitions, including its purchase of Wolt. The combined $236 billion in GMV gives Uber a scale advantage that will be extremely difficult for competitors to match outside the Chinese market, where Meituan remains dominant.
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