Uber is on the verge of acquiring Delivery Hero SE for approximately €12.5 billion, a deal that would dramatically redraw the map of global food delivery and mark one of the largest transactions the industry has ever seen.

Delivery Hero confirmed on July 14 that it is in “advanced negotiations” with Uber over the takeover, valued at roughly €33 per share. An agreement could come together imminently, and Delivery Hero’s stock surged on the news.

From minority stake to full ownership

Uber already owns about 19.5% of Delivery Hero and holds options for an additional 5.6% stake. Earlier this year, Uber picked up a 4.5% block from Prosus, the investment arm of South African media giant Naspers.

The groundwork was laid publicly back in May 2026, when Delivery Hero disclosed an indicative, non-binding proposal valuing the company between €10 billion and €11.6 billion at €33 per share. The current €12.5 billion headline figure sits above that initial range.

Delivery Hero operates a sprawling network of food delivery and quick commerce platforms across Europe, Asia, and the Middle East. Its brands include Lieferando, which dominates in several European markets.

Why this deal matters beyond food delivery

Uber’s chief rival in delivery, DoorDash, has been aggressively expanding its own international footprint. Acquiring Delivery Hero would give Uber a massive lead in Europe and significant presence in Asia and the Middle East.

The deal also extends beyond traditional restaurant delivery into quick commerce, the model where groceries and convenience items get delivered in minutes. Delivery Hero has invested heavily in building out the infrastructure to support it.

What this means for investors

Delivery Hero shares jumped significantly following the confirmation of advanced talks. At €33 per share, shareholders who bought in during the company’s rougher patches over the past few years would be looking at a meaningful premium.

There is also a regulatory dimension worth watching closely. European antitrust regulators have historically taken a skeptical view of deals that could reduce competition in consumer-facing markets. A combined Uber-Delivery Hero would hold dominant positions in multiple European countries, and conditions imposed by regulators, such as forced divestitures of certain brands or markets, could meaningfully alter the deal’s value proposition.

The deal, if finalized, would rank among the largest acquisitions in the food delivery industry’s history and would cement Uber’s status as the dominant global player in ride-hailing and delivery combined. Investors should watch for a formal announcement in the coming days and pay close attention to the financing structure, particularly whether Uber plans to use cash, stock, or a combination to fund the transaction.