Ridehailing giant Uber (NYSE: UBER) has struck a deal to buy Delivery Hero (ETR: DHER), the European food delivery giant. Uber will pay €41.50 ($47.60) in cash per share, valuing Delivery Hero at $14.8bn. 

Uber already owns a sizable $1.1bn stake in Berlin-based Delivery Hero, so it’ll pay another $13.7bn to take complete control of the company. The final offer represents a 26% premium to the initial offer Uber made to buy Delivery Hero in May, which shareholders rejected.

• The deal has some complexity. Uber will acquire Delivery Hero’s operations in 50 markets. In turn, Delivery Hero has agreed to sell its operations in 14 overlapping markets to SSW Partners, a New York-based buyout firm, for $1.6bn.

Buying Delivery Hero broadens Uber’s food delivery business across Europe, Latin America, Asia, and the Middle East. The 50 markets being absorbed from Delivery Hero generated $42bn in gross bookings in 2025. Overall, Uber will increase the markets where it offers both ridehailing and food delivery from 34 to 58.

A deal of this size will likely invite some antitrust scrutiny. Selling operations in 14 overlapping markets seems like Delivery Hero’s strategy to smooth regulatory scrutiny. 

Uber will retain Delivery Hero’s headquarters in Berlin, Germany, and “make no changes to its workforce in Berlin until at least 2029,” it said in a statement. Barring regulatory hurdles, the acquisition is expected to close in the second half of 2027.

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