Delivery Hero SE confirmed on July 14 that it is deep in negotiations with Uber Technologies over a potential takeover, putting a price tag of roughly $11.6B on one of the largest food delivery consolidation plays in years.

The Berlin-based company said any offer would be extended to all shareholders, though it declined to get into specifics on pricing. Analysts tracking the deal peg the indicative bid at approximately €33 per share. Delivery Hero’s stock responded the way you’d expect, jumping roughly 6-10% on the news.

How the deal came together

This didn’t happen overnight. Uber first approached Delivery Hero back in May 2026 with a valuation of around €10B. In April 2026, Uber picked up a 4.5% stake in Delivery Hero from Prosus, the Dutch tech investment giant.

Bloomberg first reported that the two sides were in preliminary discussions, with an agreement potentially coming as soon as this week. Delivery Hero’s confirmation essentially upgraded those reports from “rumor” to “yeah, we’re doing this.”

At the time of the announcement, Delivery Hero’s market capitalization sat around $12.8B, which means the reported bid would represent a slight discount to current trading levels.

Why Uber wants Delivery Hero

Delivery Hero operates across Europe, the Middle East, Asia, and Latin America, running approximately 800 quick-commerce fulfillment centers called Dmarts across multiple continents. Acquiring Delivery Hero would essentially hand Uber a turnkey international delivery operation.

What investors should watch

The deal isn’t done yet, and several variables could shift the outcome. Regulatory approval will be the first major hurdle. Antitrust authorities in the EU have historically scrutinized tech consolidation deals with more intensity than their US counterparts. Given that Delivery Hero is headquartered in Germany and operates across multiple EU member states, expect Brussels to have opinions.

Pricing is the other open question. The gap between the reported €33-per-share bid and Delivery Hero’s current market cap suggests there’s room for the offer to be sweetened. If the final offer comes in below market expectations, the stock could give back those gains quickly.

For Uber investors, the calculus is different. Uber’s own history with international expansion includes its retreat from China, where it sold its operations to Didi Chuxing in 2016.

The deal’s timeline suggests resolution could come within days rather than weeks. If terms are finalized at or near the reported €33 per share, it would rank among the largest European tech acquisitions of the year.