Uber Delivery Hero Takeover Valued at $14.8 Billion
Uber Delivery Hero takeover valued at $14.8 billion makes funding and shareholder acceptances the key trader focus on deal certainty and leverage
KEY TAKEAWAYS
- The filing showed a €41.50 per share offer valuing Delivery Hero at about $14.8 billion.
- Funding mixes existing cash and a committed €14 billion bridge facility.
- Closing requires 50% plus one share acceptances and merger control approvals.
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Uber Technologies Inc. (UBER) said on July 16, 2026, that its offer to acquire Delivery Hero would be funded with existing cash and new debt. The company expects the transaction to be accretive to non-GAAP earnings per share (EPS) upon closing.
Deal Terms, Funding, and Regulatory Conditions
The filing showed Uber’s cash offer of €41.50 per Delivery Hero share, valuing the German food-delivery company at about $14.8 billion. The bid requires a minimum acceptance threshold of 50% plus one share and is subject to merger-control and other financial regulatory approvals. Closing is expected in the second half of 2027. Uber committed not to enter a domination and profit transfer agreement for three years, setting legal and timing boundaries for the deal.
Uber executed a committed bridge facility of about €14 billion to finance the cash portion of the offer. Delivery Hero agreed to sell businesses in 14 markets to SSW Partners for about $1.6 billion, contingent on completion of the takeover and customary conditions. This asset sale provides a path to divest certain operations as the acquisition proceeds.
Strategic Scale, Shareholder Support, and Earnings Outlook
Uber said the combined company would operate in 99 markets, with pro forma 2025 gross bookings of $236 billion. The acquisition aims to rapidly expand Uber’s international food-delivery footprint by combining platforms and routing more orders through its existing network.
Uber projects high-single-digit percentage accretion to non-GAAP EPS by the third year after closing. Chief Executive Dara Khosrowshahi said, "The combination represents compelling value."
Delivery Hero’s management and supervisory boards unanimously supported the offer and intend to recommend shareholders tender their shares, pending review of the offer document. Prosus irrevocably committed to tender its shares, which Uber said would raise its total economic interest to about 53%. Before the offer, Uber had accumulated a stake just under 37%, including derivatives.
The combination of shareholder commitments, the minimum acceptance threshold, and the committed bridge financing will be key factors in securing the backing and regulatory approvals needed to close on schedule.
