Uber moves to acquire Delivery Hero in deal that could reshape global food delivery
The ride-hailing giant is in advanced talks to buy the Berlin-based platform for what could be north of €10 billion, pausing European expansion plans to focus on the deal.
Uber is looking to swallow one of Europe’s biggest food delivery companies whole. Delivery Hero confirmed on Monday that it is actively negotiating a potential acquisition by Uber Technologies, a deal that would represent one of the largest consolidation plays the food delivery industry has ever seen.
The talks are described as advanced, with Uber reportedly aiming to finalize an agreement as early as this week. The transaction would involve an offer extended to all Delivery Hero shareholders, not just a partial buyout.
The numbers behind the deal
Back in May 2026, Uber floated an indicative proposal that valued Delivery Hero at roughly €33 per share, which translated to a total market valuation of approximately €10 billion.
But Delivery Hero’s stock has since been trading near €36 per share, suggesting the market expects Uber will have to pay more than its original offer indicated.
Uber already holds an estimated 25% stake in Delivery Hero through a combination of direct holdings and options.
Why Uber is going all in
Uber has paused its planned expansion of Uber Eats in five of the seven European markets it was targeting, specifically to concentrate resources on getting this acquisition across the finish line.
Delivery Hero operates across Europe, Latin America, and parts of Asia and the Middle East/North Africa region. Acquiring the company would give Uber a footprint in markets where building from zero would take years.
DoorDash has been aggressively expanding outside the United States, and Uber clearly doesn’t want to cede international territory. Meanwhile, Delivery Hero has been under pressure from activist investors and facing intensifying competition in its core markets.
What this means for investors
For Delivery Hero shareholders, paying above €36 per share means the total outlay could exceed the original €10 billion indicative valuation. The gap between the May indicative price of €33 and the current trading price near €36 suggests the market expects a sweetened offer. If negotiations stall or fall apart, that premium evaporates quickly.