Uber is closing in on what would be one of the largest tech acquisitions of 2026. The company is in advanced talks to buy Berlin-based Delivery Hero in a deal valued at roughly €10 billion, or about $11.6 billion.

The indicative offer sits at €33 per share, and Uber has been quietly building its position for months. By the end of May 2026, the company had amassed approximately 36.83% of Delivery Hero’s voting rights, a stake assembled through direct ownership of 19.5%, another 5.6% in options, and the acquisition of Aspex Management’s position at just under €40 per share.

Why Uber wants Delivery Hero, and why it matters beyond food

The short answer is DoorDash. Uber’s chief rival has been aggressively expanding internationally, and Delivery Hero’s sprawling network across Europe, Asia, Latin America, and the Middle East represents an instant counterweight. Uber CEO Dara Khosrowshahi has been personally involved in negotiations, including direct discussions with Delivery Hero’s supervisory board.

Uber confirmed its indicative takeover proposal on May 23, 2026. By late June, the company had paused most planned Uber Eats expansion initiatives in Europe to prioritize the acquisition process.

The deal is also prompting Uber to explore divesting certain regional assets in Latin America, Asia, and Europe to smooth over potential regulatory objections.

What this means for investors

The regulatory path forward is the key risk. Uber is already exploring asset divestitures to satisfy antitrust concerns. Investors should watch EU competition authority filings and any parallel reviews in markets like Turkey, South Korea, and the Gulf states where Delivery Hero has significant operations.

The €33 per share offer also sits notably below the nearly €40 per share that Uber paid to acquire Aspex Management’s stake. That gap suggests either Uber expects to negotiate a blended price, or that it’s using the lower headline number as an opening position with room to move higher.