Uber Launches $14.8 Billion Bid For Delivery Hero

Uber has launched a voluntary takeover offer for German food delivery company Delivery Hero in a deal valued at approximately US$14.8 billion, with technology investor Prosus agreeing to sell its remaining 16.8 percent stake as part of the transaction.

Under the offer, Uber will pay €41.50 per share in cash, valuing Delivery Hero at around €12.4 billion (US$14.8 billion). The offer represents a premium over the company’s recent trading price and has received unanimous support from Delivery Hero’s management and supervisory boards.

Uber already owns approximately 24.8 percent of Delivery Hero’s voting shares and has additional economic exposure through derivatives. Prosus’ decision to tender its remaining stake increases Uber’s economic interest to more than 53 percent, surpassing the minimum acceptance threshold required for the acquisition to proceed. The transaction is expected to close during the second half of 2027, subject to shareholder acceptance and regulatory approvals, including competition reviews across multiple jurisdictions.

For Prosus, the sale marks the conclusion of a gradual exit from Delivery Hero following regulatory conditions imposed during its acquisition of Just Eat Takeaway.com. European competition authorities required the company to reduce its ownership in Delivery Hero because the two businesses compete in several markets. Prosus had already sold portions of its holding earlier this year, leaving the remaining 16.8 percent stake now committed to Uber’s offer. The transaction is expected to generate approximately €2.1 billion (around R40 billion) for the Amsterdam- and Johannesburg-listed technology investor, which is majority owned by South African media and technology group Naspers.

If completed, the acquisition would create one of the world’s largest food delivery businesses outside China, combining Uber Eats with Delivery Hero’s operations across nearly 100 markets. Delivery Hero’s portfolio includes several regional brands, among them Glovo, which operates in numerous African countries including Kenya, Uganda, Nigeria, Ghana and Côte d’Ivoire.

The proposed acquisition could have implications for African markets where Glovo competes directly with Uber Eats. Bringing both platforms under common ownership is likely to attract scrutiny from competition regulators in jurisdictions where the two companies operate.

The merger proposal also includes a separate agreement under which investment firm SSW Partners would acquire certain Delivery Hero businesses in European markets where significant overlaps exist between Uber Eats and Delivery Hero brands. However, the proposed carve-out does not include the company’s African operations.

For Africa, the transaction represents another significant shift in the continent’s digital economy landscape. Prosus, through its parent company Naspers, has been one of Africa’s largest technology investors, backing several global internet businesses over the past decade. Its exit from Delivery Hero brings that investment to a close while potentially reshaping competition in Africa’s online food delivery market.

The acquisition remains subject to regulatory approvals and antitrust reviews in the various countries where the combined businesses operate. Those assessments are expected to determine whether any remedies will be required before the transaction can be completed in 2027.