Delivery Hero and Uber to Join Forces to Deliver More for Customers, Vendors and Riders

 

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Delivery Hero and Uber to Join Forces to Deliver More for Customers, Vendors and Riders 

• Cash consideration of €41.50 per share offered to all Delivery Hero shareholders, implying a fully diluted equity value of €13.0 billion 
• Brings together two highly complementary platforms across mobility, food delivery and quick commerce, spanning 99 countries with combined pro-forma GMV of $236 billion in 2025.
• Combination is designed to accelerate innovation and expand the range, value and convenience of services for customers, vendors and riders. 
• Uber has made significant commitments to Delivery Hero’s employees and to Germany, including to retain the Berlin headquarters until at least 2029.
• Management Board and Supervisory Board support the Takeover Offer and intend to recommend Delivery Hero shareholders to tender into the offer, subject to their review of the Offer Document 
• In parallel, SSW Partners has agreed to purchase Delivery Hero's operations in 14 markets from Delivery Hero, conditioned on completion of the offer between Uber and Delivery Hero.

Berlin, July 16, 2026 - Uber Technologies, Inc. (NYSE:UBER) and one of its affiliates have entered into a business combination agreement with Delivery Hero SE (ETR: DHER), extending the world’s largest mobility and delivery platform to a total of 99 countries, with combined pro-forma GMV of $236 billion in 2025. 

Under the terms of the voluntary takeover offer, Uber will offer Delivery Hero shareholders a cash consideration of €41.50 per share (the “Offer Price”), implying a fully diluted  equity value of €13.0 billion. The Offer Price represents a premium of approximately 127% on the unaffected three-month volume-weighted average share price prior to May 8, 2026 and of approximately 34% on the three-month volume-weighted average share price prior to today’s announcement. 

“Delivery Hero’s talented team has built an extraordinary business, with beloved local brands and strong positions across some of the world's fastest-growing delivery markets,” said Dara Khosrowshahi, CEO of Uber. “By bringing our platforms together, Uber will extend affordable, reliable delivery to many millions more people in some of the world’s most dynamic economies, while creating more opportunities for merchants and couriers.”

“We are excited about this opportunity with Uber and the possibilities it offers for our employees, shareholders, and partners. Uber's global mobility and delivery platform and our shared commitment to innovation make this the right partnership to build on Delivery Hero's strengths in local food delivery and Quick Commerce, and to take our Everyday App strategy further for our customers,” said Niklas Östberg, CEO and Co-Founder of Delivery Hero. “I'm grateful to our people for building this company over 15 years, and we look forward to this great next chapter together.” 

Commitments to Delivery Hero’s employees and to Germany

Uber recognizes that Delivery Hero's success is built on the talent, entrepreneurial spirit, and dedication of its people and has pledged to retain Delivery Hero’s headquarters and make no changes to its workforce in Berlin until at least 2029.

Additionally, Uber committed to use commercially reasonable efforts to invest €2 billion in Germany through 2031, with a focus on developing its local corporate workforce, growing its nationwide business, and launching autonomous vehicle deployments and partnerships with the German automotive industry. 

“This acquisition and Uber’s planned investment in Germany demonstrate the attractiveness of the European tech ecosystem and we intend to keep contributing to its growth,” said Niklas Östberg, Co-Founder and CEO of Delivery Hero. 

Transaction Rationale

The planned transaction is expected to bring together Uber’s global technology platform and mobility network with Delivery Hero’s leading local delivery brands, deep vendor relationships and its fast-growing quick commerce capabilities. 

The parties are confident that the proposed offer has the potential to accelerate innovation and to expand choice, value and convenience for customers, partners and riders.

Position of the Management Board and Supervisory Board

Delivery Hero’s Management Board and Supervisory Board welcome the transaction and support the strategic rationale of the combination. 

“The food delivery business is highly competitive and scale dependent. It is challenging to build from a European base, yet we have achieved an enormous amount over 15 years. Joining forces with a strong partner now is the right move for Delivery Hero to best secure its future competitiveness and ability to deliver value for all our stakeholders,” said Kristin Skogen Lund, Chair of the Delivery Hero Supervisory Board. “The Supervisory Board has been closely involved and fully supports the proposed transaction and we appreciate Uber's shared interest in preserving and building on the Delivery Hero strengths." 

Delivery Hero shareholders are advised to take no action in respect of the offer until the offer document of the bidder and reasoned statement of the Management Board and the Supervisory Board have been published. Any assessment expressed today is preliminary and does not constitute the reasoned statement required under the WpÜG.

Any statements regarding the anticipated benefits of the combination reflect the parties’ current expectations; the businesses will continue to operate fully independently until closing.

SSW Partners to acquire 14 markets  

Delivery Hero has entered into a separate agreement with SSW Partners LP, a New York-based investment firm that has led cross-border investments alongside global businesses. SSW Partners will acquire Delivery Hero’s businesses in a total of 14 markets, where Uber Eats and Delivery Hero compete, subject to completion of the Uber Takeover Offer and other customary conditions, for a consideration of approximately €1.4 billion. 

“We are pleased to acquire these market-leading businesses,” said Josh Steiner and Antonio Weiss of SSW Partners. “We will support management to ensure that these businesses continue to grow, invest in their people and deliver exceptional service to customers. In parallel, we will lead the process to find the best long-term homes for these businesses, where they will continue to thrive.”

The businesses will keep running on the same tech and operational backbone that powers Delivery Hero today — the platform, logistics engine, and data capabilities behind brands. That means local teams keep the speed and market knowledge that make them competitive, backed by shared, best-in-class technology.

 

 

Process and expected timetable

The Offer will be subject to a minimum acceptance threshold of 50% of all DH Shares, other than treasury shares held by the Company, plus one DH Share (inclusive of shares owned by Uber), the receipt of merger control and other regulatory clearances, including with respect to the Sale, as well as other customary conditions. The BCA also contains customary termination rights and reciprocal break fees. The Bidder has already received irrevocable tender commitments in relation to the Offer in the amount of 16.68%. Together with its shareholding of 24.77% and holding of instruments of 11.74%, Uber’s total economic interest would amount to more than 53%. Completion of the Offer is expected to occur in the second half of 2027.

Uber will publish its offer document following approval by the German Federal Financial Supervisory Authority (BaFin) in accordance with the WpÜG. Both Delivery Hero’s Management Board and Supervisory Board will issue a joint reasoned statement - including their assessment of the Offer Price and, where appropriate, a recommendation - in due course.

Advisors 

J.P. Morgan is serving as exclusive financial advisor to Delivery Hero, and Sullivan & Cromwell is serving as legal counsel to Delivery Hero. Clifford Chance is advising Delivery Hero on antitrust and regulatory matters, and Morrison Foerster is advising the supervisory Board of Delivery Hero on this transaction.

Disclaimer

This announcement may not be published, distributed or transmitted, directly or indirectly, in the United States of America (including its territories and possessions, any State of the United States and the District of Columbia), Canada, South Africa, Japan or Australia or any other jurisdiction where such announcement could be unlawful. The distribution of this announcement may be restricted by law in certain jurisdictions and persons who are in possession of this document or other information referred to herein should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
 

This announcement does not constitute an offer of, or a solicitation of an offer to purchase, securities of Delivery Hero SE or of any of its subsidiaries in the United States of America, Germany or any other jurisdiction. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, an offer in any jurisdiction. The securities will not be and have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act.

In the United Kingdom (the “UK”), this announcement is only addressed to and directed at persons who are “qualified investors” as defined under paragraph 15 of Schedule 1 of the Public Offers and Admissions to Trading Regulations 2024 (POATR) and who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.), or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Relevant Persons”). In the UK, this document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. In the UK, any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

 

This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE (“forward-looking statements”). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “intends,” “may,” “will,” or “should,” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

 

About Delivery Hero

Delivery Hero is the world’s leading local delivery platform, operating its service in around 65 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com.

 

About Uber 

Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 75 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

 

About SSW Partners

SSW Partners is a New York-based private investment firm that is a trusted partner to leading corporations, investment firms and families. The principals of SSW have substantial investing, operating, and transaction experience internationally. SSW has jointly led two public-to-private transactions: the US$4.6 billion privatization of Veoneer in partnership with Qualcomm and the US$7.1 billion privatization of ESR Group.

 

Delivery Hero:

Investor Relations: ir@deliveryhero.com
Media: press@deliveryhero.com

Uber

Investors: investor@uber.com
Press: press@uber.com

SSW Partners

Press: SSWPartners-Global@fgsglobal.com