Uber’s €41.50-per-share cash offer puts Delivery Hero under regulatory conditions for completion
Key Facts
Uber made a cash offer of €41.50 per share to acquire Delivery Hero, valuing the company’s fully diluted equity at €13.0 billion, according to a Delivery Hero statement issued on July 16, 2026. The company said its management board and supervisory board recommended that shareholders accept the offer, describing the price as fair and appropriate. Completion of the deal remains subject to the offer conditions and regulatory approvals. The later reported percentage of shares obtained by Uber includes shares accepted during the initial offer period, along with its previous stake and convertible financial instruments. The reported percentage therefore does not mean the acquisition has been completed.
The boards’ recommendation, according to the company’s statement on September 2, 2026, was based on the offer price representing a premium of about 127% to Delivery Hero’s volume-weighted average share price over the three months before and including May 8, 2026. This valuation puts the offer conditions at the center of the deal process: completion requires acceptance by shareholders holding at least 50% of the share capital, plus one share, excluding treasury shares. The offer also requires antitrust and other regulatory approvals. Deal-related approvals also include the sale of some Delivery Hero group operations to an affiliate of SSW Partners. The company said in its announcements that completion could take place in the second half of 2027, subject to these conditions.
In a parallel arrangement conditional on completion of Uber’s offer, SSW Partners intends to buy Delivery Hero’s businesses in 14 markets for about €1.4 billion. According to Delivery Hero’s statement, the overlapping markets include operations where Uber Eats competes with the company’s local brands, including HungerStation, as described in the deal. The sale links the realignment of the two companies’ presence in overlapping markets with the continuation of the acquisition process. The arrangement will take effect only after Uber’s offer is completed and other customary conditions are met. The sale remains part of the regulatory and commercial conditions surrounding the broader deal.
The offer comes as Delivery Hero recorded accelerating operating growth in the third quarter of 2026. Gross merchandise value on a like-for-like basis rose 13.6% year over year to €13.9 billion, compared with growth of 11.3% in the second quarter. Revenue increased 22.0% to €4.3 billion, after rising 17.7% in the previous quarter. The company said orders rose 11.5% to 1,001 million in the third quarter, exceeding one billion orders for the first time in a single quarter. It attributed the acceleration in order growth to its super-app strategy and an improved customer experience.
Under commitments Delivery Hero announced in its July deal statement, Uber intends to make commercially reasonable efforts to invest €2 billion in Germany through 2031, while Delivery Hero’s headquarters will remain in Berlin until at least 2029. These commitments are tied to a plan to combine Uber’s platform and network with Delivery Hero’s local brands and quick-commerce capabilities. In its third-quarter update, Delivery Hero said the acceptance period for Uber’s €41.50-per-share offer had been extended until November 5, 2026. It said at the time that the two companies would continue operating independently until the deal is completed. The company estimated completion in the second half of 2027, with regulatory approvals and customary closing conditions still outstanding.