Uber to acquire Delivery Hero in $14.8b deal

Transaction will expand Uber’s reach to 99 markets worldwide.

Uber Technologies, Inc. has signed a business combination agreement to acquire Delivery Hero in a deal valued at $14.8b. The transaction will expand Uber's mobility and delivery operations to 99 markets, with combined pro forma Gross Bookings of $236b in 2025.

Under the voluntary takeover offer, Uber will pay €41.50 per share to Delivery Hero shareholders, implying an equity value of $14.8b, or $13.7b after adjusting for Uber's previous stake purchases.

As part of the transaction, Delivery Hero has entered into a separate agreement with SSW Partners, a New York-based investment firm, which will acquire Delivery Hero's operations in 14 markets where the company's businesses overlap with Uber Eats.

The deal, valued at approximately $1.6b, remains subject to the completion of Uber's takeover offer and customary closing conditions.

Uber said it will not assume control of the businesses being transferred to SSW. Instead, SSW will independently oversee the search for strategic partners to support the long-term growth of those operations.

Uber said the acquisition will strengthen its global delivery and mobility platform by combining its technology with Delivery Hero's local brands, merchant network, and delivery operations.

Upon completion of the transaction, Uber will nearly double the number of markets where it offers both mobility and delivery services, increasing from 34 to 58 markets.

The company said the expanded network is expected to provide consumers with more choices, help merchants reach more customers, and create additional earning opportunities for couriers
and drivers.

Uber expects the transaction to be accretive to non-GAAP earnings per share upon closing and deliver high-single-digit percentage accretion by the third year after completion.