Uber has proposed to acquire Germany-based Delivery Hero in a transaction that could reshape the global food delivery industry. Rather than expanding country by country, the proposed acquisition demonstrates how global technology companies are increasingly using mergers and acquisitions to accelerate growth, strengthen their competitive position and achieve greater operational scale. If completed, the combined business would expand Uber’s delivery operations to 99 markets, with pro-forma gross bookings of USD 236.0 bn based on 2025 performance.
According to the joint transaction announcement, Uber has offered EUR 41.5 per share through a voluntary public cash offer, One of the most significant aspects of the transaction is the 127.0% premium attached to the offer price. The premium is calculated by comparing Uber’s offer with Delivery Hero’s unaffected three-month volume weighted average share price (VWAP) before takeover discussions became public.
In mergers and acquisitions, the unaffected VWAP is widely used because it reflects a company’s market value before speculation surrounding a potential transaction influences its share price. A premium of this magnitude indicates that Uber places substantial value on Delivery Hero’s strategic assets beyond its prevailing market valuation. These assets include its digital platform, established customer base, extensive merchant network and portfolio of regional delivery brands operating across multiple international markets.
The acquisition would also provide Uber with immediate access to several high-growth markets where Delivery Hero has already established strong operations. Delivery Hero owns leading brands including Talabat in the Middle East, Baemin in South Korea, PedidosYa in Latin America and Glovo, which operates across several African countries. Acquiring these businesses would allow Uber to expand more rapidly than building new operations independently while benefiting from existing logistics infrastructure, merchant relationships and customer networks.
To facilitate regulatory approval, Delivery Hero has separately agreed to sell operations in 14 overlapping markets to SSW Partners for approximately USD 1.6 bn. According to the companies, the divestiture is intended to address potential competition concerns arising from the transaction and support the regulatory review process before the acquisition is completed.
The proposed acquisition reflects the growing consolidation taking place within the global digital delivery industry as companies seek greater scale, improved operating efficiency and stronger market positions. As competition intensifies, acquisitions are increasingly becoming an important strategy for expanding geographic reach while leveraging existing technology platforms and logistics networks.
Overall, Uber’s proposed acquisition of Delivery Hero represents one of the largest transactions in the global food delivery sector. The opportunity presents the potential to expand operations across 99 markets, the transaction highlights the increasing importance of scale and strategic acquisitions in shaping the future of the digital delivery industry, subject to shareholder and regulatory approval.
