The potential $11.6 billion acquisition would reshape food delivery competition across Europe, the Middle East, and Asia while facing serious EU antitrust scrutiny.
Uber is on the verge of its largest acquisition ever, closing in on a €12.5 billion deal to buy Berlin-based Delivery Hero. That’s roughly $11.6 billion for a company that would dramatically expand Uber Eats’ global footprint.
Delivery Hero confirmed on July 14 that it’s in advanced negotiations with Uber, pushing its stock price up between 6% and 10%. For a company that Uber first approached just two months ago with a lower €10 billion valuation, the price tag has climbed fast.
What Uber is actually buying
Delivery Hero operates roughly 800 quick-commerce outlets called “Dmarts” across multiple continents, spanning Europe, the Middle East, Asia, and Latin America. Dmarts are warehouses built specifically to fulfill rapid delivery orders.
Uber has been quietly positioning itself for this move. The ride-hailing giant has steadily accumulated a 19.5% stake in Delivery Hero, including shares purchased from Prosus, the Amsterdam-listed tech investment firm.
The initial approach came in May 2026 at around €10 billion. The current €12.5 billion figure represents a 25% premium over that first offer.
The regulatory wall
Even if Uber and Delivery Hero shake hands tomorrow, the deal is far from guaranteed. EU antitrust regulators are expected to scrutinize the transaction closely. Combining Uber Eats with Delivery Hero would create a food delivery behemoth with dominant market positions in multiple European countries simultaneously.
Why this matters beyond food delivery
The stock market reaction, a 6% to 10% jump in Delivery Hero shares, tells you the market views this as a fair price with reasonable odds of completion. But that gap between current trading price and the offer price also reflects the regulatory risk premium investors are pricing in.
For Uber shareholders, a $11.6 billion acquisition funded even partially through debt would meaningfully change Uber’s balance sheet. The company would need to demonstrate that Delivery Hero’s operations can be integrated without the kind of margin compression that has plagued previous food delivery mergers.
The 25% increase from the initial €10 billion approach to the current €12.5 billion offer also sets a valuation benchmark for the entire food delivery sector.
