Uber Technologies (UBER) has signed a merger agreement with Delivery Hero SE to acquire the food delivery company at €41.50 per share in cash.
The offer represents an equity value of $14.8 billion, or $13.7 billion when adjusted for Uber’s prior stake purchases in the company.
Uber plans to fund the transaction through a combination of cash on hand and new debt facilities arranged for the deal.
The company has executed a committed bridge facility of approximately €14 billion to support the financing of the acquisition.
The transaction is expected to close in the second half of 2027, pending regulatory and shareholder approvals.
Uber projects the deal to be accretive to its adjusted earnings per share upon closing, and high-single-digit percentage accretive by year three.
Dara Khosrowshahi, CEO of Uber, said: “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.”
Prior to announcing the offer, Uber already held around 24.77% of Delivery Hero’s shares directly, with additional economic exposure of approximately 11.74% through equity derivatives.
As part of its commitment tied to the deal, Uber has pledged to invest €2 billion in Germany over the next five years to expand its business operations there.
In a separate but related development, Delivery Hero has signed a deal with SSW Partners, an American investment firm, to sell its businesses across 14 markets for approximately $1.6 billion.
Those 14 markets are specifically ones where Uber Eats and Delivery Hero already overlap, helping to address likely competition concerns from regulators.
Uber confirmed it will not control the businesses acquired by SSW Partners as part of that side transaction.
The combined company would significantly broaden Uber’s global delivery footprint, adding scale to its existing platform across both ride-hailing and food delivery services.
