Uber has published a formal offer document for the acquisition of Delivery Hero, proposing to acquire all outstanding shares in a cash deal valued at €41.50 per share. The offer, announced on August 27, 2026, represents a 108% premium to Delivery Hero’s unaffected closing price on May 8 and a 127% premium to its three-month volume-weighted average price through that date.
The offer period runs through November 5, 2026, with Uber already holding a 24.77% voting stake and an additional 11.74% economic exposure via equity derivatives. Prosus has irrevocably committed to tender approximately 16.68% of Delivery Hero’s shares, which, combined with Uber’s existing holdings, would result in a total economic interest of roughly 53%. The transaction requires acceptance from more than 50% of Delivery Hero’s share capital—excluding treasury shares—as well as merger control clearance and other regulatory approvals.
Uber has also agreed not to pursue a domination and profit transfer agreement with Delivery Hero for at least three years following the deal’s completion. The proposed acquisition aims to extend Uber’s multi-product platform to 99 markets, nearly doubling the number of markets where it offers both mobility and delivery services from 34 to 58.
Delivery Hero has raised its 2026 gross merchandise value (GMV) growth guidance to 9%–11%, up from the prior forecast of 8%–10%. Analysts polled by the company had projected average annual GMV growth of 9.1%, equating to €51.63 billion. In the first half of 2026, Delivery Hero’s adjusted EBITDA increased 3.9% year-over-year to €427 million, exceeding analyst expectations of €396 million. The combined pro-forma gross bookings for 2025 are projected at $236 billion.
The offer follows Uber’s initial expression of interest in the deal on July 16, 2026, and remains subject to regulatory scrutiny by BaFin, Germany’s financial regulator, among other authorities.
