Uber to Acquire Delivery Hero for $14.8B in Cash, Creating Global Delivery Giant

summarizeSummary

Uber agreed to acquire Delivery Hero for $14.8B in cash, adding 50 markets and $42B in Gross Bookings. The deal is expected to be EPS accretive upon close and unlocks over $1.2B in annual synergies.

check_boxKey Events · M&A and Partnerships · UBER

• Definitive Acquisition Agreement Signed

  Uber entered into a Business Combination Agreement to acquire Delivery Hero SE via a voluntary public takeover offer at €41.50 per share in cash, implying a $14.8B equity value (or $13.7B adjusted for Uber's prior stake).

• Financing Secured with €14.2B Bridge Facility

  Uber executed a committed bridge credit agreement with Morgan Stanley, BofA, and Deutsche Bank for €14.2B to fund the offer, with the transaction expected to maintain Uber's investment-grade rating and keep gross leverage below 2x.

• SSW Partners to Acquire 14 Overlapping Markets for $1.6B

  Delivery Hero agreed to sell its businesses in 14 markets (including Spain, Poland, and Austria) to SSW Partners for ~$1.6B, conditional on the Uber offer closing, to address antitrust concerns.

• Prosus Irrevocably Commits to Tender ~17% Stake

  Prosus, Delivery Hero's largest shareholder, irrevocably agreed to tender its entire ~17% stake, which combined with Uber's existing ~37% economic interest, brings total committed support to ~53%.

auto_awesomeAnalysis · UBER · Energy & Transportation

Uber signed a definitive agreement to acquire Delivery Hero for €41.50 per share in cash, a $14.8 billion deal that reshapes the global food delivery landscape. The transaction nearly doubles Uber's delivery footprint, adding 50 markets and $42B in Gross Bookings, and is expected to be accretive to Non-GAAP EPS upon close. A committed €14.2B bridge facility ensures funding, while a parallel $1.6B sale of 14 overlapping markets to SSW Partners streamlines regulatory approval. Prosus's irrevocable tender of its ~17% stake, combined with Uber's existing ~37% economic interest, puts the minimum acceptance threshold within reach. Closing is expected in H2 2027, subject to antitrust and financial regulatory clearances. This is a thesis-altering event — the largest acquisition in Uber's history — that transforms its competitive position, unlocks significant cross-platform synergies, and signals management's conviction in the delivery business as a long-term growth engine.