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On July 16, 2026, Uber Technologies announced a voluntary takeover offer for Delivery Hero SE, valuing the transaction at approximately $14.8 billion in equity, or €41.50 per share in cash. This is Uber’s largest acquisition to date, full stop.
What Uber is actually buying
Delivery Hero is a Berlin-based food delivery conglomerate operating across dozens of markets, with a particular footprint in the Middle East, Asia, and parts of Europe. It runs brands including Talabat and Foodpanda in regions where Uber Eats has limited or no presence.
Delivery Hero’s adjusted EBITDA for full-year 2025 came in at €903 million, with 2026 guidance projecting €910 to €960 million.
Uber already owned approximately 24.77% of Delivery Hero before announcing the deal. Prosus, a Dutch tech investment firm, has committed to tender its roughly 17% stake, which would push Uber’s total economic interest to around 53% following completion. Earlier approaches in May 2026 were reportedly valued between €10 and €11 billion, meaning the final offer represents a meaningful premium over those initial figures.
CEO Dara Khosrowshahi framed the rationale around operational density. More orders flowing through the same courier network in any given city means lower per-delivery costs.
The strategic math behind 99 markets
Post-acquisition, Uber’s combined platform would operate across 99 markets. The company projects pro-forma gross bookings reaching $236 billion by 2025 across its mobility and delivery segments, nearly doubling the geographic footprint of its services.
After the deal closes, Uber expects to operate in 58 markets where it offers both ride-hailing and food delivery, up from 34 markets previously.
The combined entity would also become the largest food delivery platform outside of China.
Uber is projecting high-single-digit percentage accretion to its non-GAAP earnings per share by year three post-close.
What investors should watch
The deal faces the usual gauntlet of regulatory approvals across multiple jurisdictions. Antitrust review in the European Union is the one to watch most closely.
What investors should monitor in the quarters ahead includes courier cost trends in markets where the two networks overlap, restaurant partner retention rates, and whether gross bookings growth in combined markets outpaces the standalone trajectory either company was on. If operational density improvements materialize as Khosrowshahi expects, the unit economics should show up in delivery segment margins within 18 to 24 months.
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