Uber just made the kind of acquisition that redefines an industry. The ride-hailing and delivery giant announced a voluntary takeover bid for Germany-based Delivery Hero SE, valuing the company at $14.8 billion in an all-cash deal priced at €41.50 per share.

The combined entity would operate across 99 markets globally, with pro-forma gross bookings projected to hit $236 billion.

What the deal looks like under the hood

Uber already held roughly 24.77% of voting shares, plus additional derivatives that brought its total economic interest to approximately 53% after an agreement with Prosus, which owns 17% of Delivery Hero and has committed to tender its shares.

The offer represents a premium of about 34% over the three-month volume-weighted average price before the announcement, and roughly 127% above the undisturbed share price before acquisition rumors started circulating in May.

Delivery Hero’s operations span 50 markets that are expected to contribute around $42 billion in gross bookings. To avoid regulatory headaches in markets where both companies already operate, Uber plans to sell overlapping operations in 14 markets to SSW Partners for approximately $1.6 billion.

Uber has also committed to maintaining Delivery Hero’s Berlin headquarters and its workforce until at least 2029.

Why this matters beyond food delivery

Delivery Hero brings particularly strong footholds in markets across the Middle East, Asia, and Europe, including through brands such as Talabat and Hungerstation. The combined footprint across 99 markets gives Uber a geographic diversification that no other player in the space can match.