Uber Acquires Delivery Hero for $14.8 Billion Equity Value, Total Deal ~$13.7 Billion; Prosus to Sell

Uber announced the acquisition of German food delivery platform Delivery Hero at an equity value of approximately $14.8 billion. Under the deal, Uber will launch a tender offer to Delivery Hero shareholders at EUR 41.50 per share in cash. Combined with shares already held, the actual transaction value is about $13.7 billion.

Delivery Hero’s largest shareholder, Prosus, is a European tech investment group and a single shareholder of Tencent. In May, Prosus sold 5% of Delivery Hero shares to Hong Kong-based hedge fund Sihai Investment. Following Uber’s acquisition, Prosus will sell its remaining stake of about 16.8%, valued at roughly $2.5 billion based on the transaction valuation, largely completing its exit from Delivery Hero.

Uber’s delivery business has become its second growth engine. As of March 31, Uber’s first-quarter total gross bookings rose 25% year on year to $53.7 billion, with delivery bookings increasing approximately 23%.

Founded in 2011, Delivery Hero expanded globally through organic growth and acquisitions, buying platforms such as Foodpanda, Talabat, Glovo, and Woowa Brothers, operating in over 40 countries. However, rapid expansion strained operational efficiency and profitability. Over the past two years, the company has sold businesses in Taiwan and other regions and exited some markets.

Prosus has long been a key shareholder in Delivery Hero and has invested in several local-life platforms, including iFood, Swiggy, and Just Eat Takeaway. To secure EU approval for the acquisition of Just Eat Takeaway. com, Prosus was required to reduce its stake in Delivery Hero. In April, Prosus sold about 4.5% of Delivery Hero shares to Uber; in May, it sold 5% of shares to Sihai Investment for approximately EUR 335 million, reducing its stake to 16.8%.

Before launching the tender offer, Uber directly held about 24.8% of Delivery Hero’s voting shares and held an economic interest of about 11.7% through equity derivatives. Prosus has committed to accepting Uber’s offer for all remaining shares of about 16.8%, bringing Uber’s economic interest in Delivery Hero to over 50%.

The global food delivery industry has seen a wave of consolidation: DoorDash completed the acquisition of UK-based Deliveroo, Prosus took over Just Eat Takeaway. com, and Uber acquired Delivery Hero. In 2025, Delivery Hero’s revenue was about $17 billion, with a market capitalization of about $13.3 billion, while Uber’s transaction valuation is approximately $14.8 billion; DoorDash, with $13.7 billion in revenue, commands a market cap of over $82 billion; Meituan, with about $53.9 billion in revenue, has a market cap of approximately $68.7 billion.