Uber Technologies has placed a major bet on the future of food delivery with a takeover approach for Delivery Hero SE, offering €33 per share in a proposal that values the German company at about €10 billion, or roughly $11.6 billion. The move comes at a time when the delivery industry is shifting from rapid expansion to consolidation, with the biggest players racing to control profitable markets outside the United States.
Delivery Hero confirmed the approach on Saturday, saying it had received an indicative proposal from Uber and would continue focusing on its strategic review process. The wording matters. It suggests the company has not accepted the offer and may still be weighing other options, including asset sales, a higher bid or interest from rival buyers. The official company statement is available through Delivery Hero’s investor relations page.
The price is already under scrutiny. Uber’s €33-per-share proposal was only slightly above Delivery Hero’s closing price before the talks became public and below the company’s Friday close of €33.59. That gives shareholders a strong reason to push back, especially after Delivery Hero shares gained nearly 48% this year on expectations of restructuring, asset disposals and potential takeover interest.
Some investors are reportedly looking for a price above €40 per share, which would create a more meaningful premium and better reflect the value of Delivery Hero’s international portfolio. The company operates across several major markets through brands such as Foodpanda, Glovo, Talabat and Yemeksepeti, giving it exposure to Asia, Europe, the Middle East and Latin America.
Uber is not entering the talks as an outsider. The company already owns around 20% of Delivery Hero and has options tied to another 5.6% of shares. Under the current proposal, Uber would still need to fund about €8 billion to complete the deal. That existing stake gives Uber influence, but it may also attract regulatory attention if the company tries to increase its ownership further.
The possible acquisition is also a direct signal to DoorDash. The US delivery leader has been expanding outside its home market and has already strengthened its international position through major dealmaking. For Uber, buying Delivery Hero would instantly add scale in markets where Uber Eats does not have the same depth and where local delivery networks can be difficult to build from scratch.
This is why the battle is larger than one German company. Food delivery platforms are now competing for density, merchant relationships and logistics efficiency. The company with more orders in a city can often operate more efficiently, offer better delivery times and improve margins. That scale advantage is pushing global players toward mergers rather than slow organic expansion.
Delivery Hero’s Middle East business, Talabat, is one of the most important pieces in the story. The unit has strong regional recognition and has reportedly attracted interest from DoorDash, though no formal offer has been made. If interest in Talabat turns serious, Delivery Hero may face a choice between selling valuable assets separately or negotiating a higher full-company bid.
Large shareholders could decide how far Uber gets. Prosus owns almost 17% of Delivery Hero, while activist investor Aspex Management holds more than 14%. Aspex has pushed for deeper changes at the company, including asset sales and stronger shareholder returns. That investor pressure already helped reshape Delivery Hero’s leadership and strategy.
Bloomberg Intelligence analysts previously estimated Delivery Hero could be worth between $15 billion and $18 billion in a takeover scenario, especially if competitive tension develops. That is significantly higher than Uber’s current proposal and explains why the market may be treating the €33-per-share offer as an opening move rather than a final price.
The regulatory path could be difficult as well. Food delivery mergers often raise questions about competition, restaurant fees, rider networks and consumer choice. Uber may need antitrust approval before crossing certain ownership thresholds, and a full acquisition would likely receive close review in several markets where both companies operate.
For Uber, the potential reward is clear. A successful deal would expand Uber Eats far beyond its existing footprint and strengthen the company’s broader commerce strategy, which now includes restaurant delivery, grocery, convenience and logistics. It would also give Uber a stronger defensive position as DoorDash becomes more aggressive internationally.
The global delivery market has changed sharply since the pandemic boom. Investors are no longer rewarding growth at any cost. They want stronger margins, cleaner portfolios and evidence that delivery platforms can generate durable profits. That pressure is forcing companies such as Delivery Hero to review their assets and forcing giants such as Uber and DoorDash to decide where they want to dominate.
Swikblog previously covered Uber’s growing interest in Delivery Hero when the company increased its stake as competition in Europe intensified. That earlier move now looks like part of a much larger strategy. You can read the background here: Uber Boosts Delivery Hero Stake to 7% in €270M Deal Amid Europe Food Delivery Battle.
For now, the takeover remains uncertain. Delivery Hero has not agreed to sell, investors may demand more money, DoorDash could still complicate the process through interest in key assets, and regulators may slow any attempt by Uber to gain full control. But the direction of the industry is unmistakable: the world’s largest delivery companies are preparing for fewer players, bigger deals and a tougher fight for global scale.
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