Uber has published a formal takeover offer for Delivery Hero, proposing to acquire all outstanding shares at €41.50 in cash per share, valuing the German food-delivery company at approximately €5.5 billion.
The offer represents a 108% premium to Delivery Hero’s unaffected closing price of €20.00 on May 8 and a 127% premium to its three-month volume-weighted average price through the same date. The acceptance period opened on August 27, 2026, following approval from Germany’s financial regulator BaFin, and closes on November 5, 2026. Prosus has committed to tender roughly 16.68% of Delivery Hero’s shares, while Uber already holds approximately 24.77% of the voting share capital and an additional 11.74% economic exposure through equity derivatives, bringing its total economic interest to about 53%.
The combined pro-forma gross bookings for 2025 reached $236 billion across 99 markets, with Delivery Hero’s management raising its 2026 gross merchandise value (GMV) guidance to a range of 9% to 11%, up from a prior forecast of 8% to 10%. Analysts had expected GMV of €51.63 billion, implying average annual growth of 9.1%. First-half 2026 adjusted EBITDA rose 3.9% year-over-year to €427 million, exceeding expectations of €396 million.
The deal would expand Uber’s multi-product platform to 99 markets, nearly doubling the number where it currently offers both mobility and delivery services from 34 to 58. The offer is conditional on acceptance by more than 50% of Delivery Hero’s share capital, excluding treasury shares, as well as merger control clearance and other regulatory approvals. Delivery Hero’s management and supervisory boards are expected to issue a joint statement in support of the offer. Uber has agreed not to pursue a domination and profit transfer agreement for three years.
