Uber Technologies Inc. formally launched a voluntary cash offer to acquire Delivery Hero SE at €41.50 per share, the German food-delivery group said on Thursday.
The offer, open from August 27 to November 5, represents a 108% premium to Delivery Hero’s unaffected closing price on May 8 and approximately 127% above its three-month volume-weighted average price up to that date. The company’s management and supervisory boards are expected to issue a joint statement endorsing the bid.
The transaction remains subject to Delivery Hero shareholders tendering more than 50% of its equity capital (excluding treasury shares), as well as obtaining merger control approvals and other regulatory clearances. The German financial regulator BaFin granted prior approval before the offer’s publication.
Uber already holds approximately 24.77% of Delivery Hero’s voting capital and an additional 11.74% economic exposure via equity derivatives. Prosus NV has irrevocably committed to tender roughly 16.68% of Delivery Hero’s shares, bringing Uber’s total economic interest to about 53%. Under the agreement, Uber has agreed not to pursue a domination and profit-transfer agreement for three years.
The proposed acquisition aligns with Uber’s strategy to expand its multi-product platform to 99 markets, up from 34 where both mobility and delivery services are currently offered. Combined pro forma gross bookings for 2025 are projected at $236 billion.
Delivery Hero has raised its 2026 gross merchandise value growth forecast to a range of 9% to 11%, from a prior 8% to 10%, while adjusted EBITDA in the first half of 2026 increased 3.9% to €427 million, exceeding analyst expectations of €396 million. Analysts surveyed by the company project average annual GMV growth of 9.1%, reaching €51.63 billion.
