Uber has increased its stake in Germany’s Delivery Hero to about 7% after purchasing a 4.5% holding from Prosus for around 270 million euros (£235 million), in a move that highlights intensifying competition and consolidation in Europe’s food delivery market.
The San Francisco-based company had already acquired roughly 300 million dollars worth of Delivery Hero shares in May 2024, and the latest deal strengthens its position as it pushes to expand Uber Eats across Europe in 2026.
The transaction comes as the European delivery sector undergoes rapid change, with fewer but larger players competing for scale. DoorDash’s £2.9 billion acquisition of Deliveroo last year and Prosus’s takeover of Just Eat Takeaway have accelerated that shift.
Prosus, the Dutch technology investor majority-owned by South Africa’s Naspers, sold 13.6 million Delivery Hero shares at 20 euros each. The sale price was about 22% above the stock’s one-month average, although slightly below Thursday’s closing price of 20.14 euros.
The deal reduces Prosus’s stake in Delivery Hero from 26.3% to 21.8%, part of a broader requirement imposed by European Union regulators. After completing its acquisition of Just Eat Takeaway last October, Prosus was ordered to cut its Delivery Hero holding to single digits by August this year to address competition concerns.
Regulatory pressure reshapes ownership
This is not simply a strategic investment by Uber, but also a direct consequence of regulatory intervention. The European Commission’s conditions on Prosus have effectively opened the door for other major players to increase exposure to Delivery Hero, reshaping ownership dynamics across the sector.
Prosus has said it remains committed to selling down the remainder of its stake within the required timeframe while aiming to maximise shareholder value. That signals further share sales ahead, which could continue to influence market positioning among rivals.
More broadly, the deal underscores how regulatory decisions are playing a central role in determining the structure of Europe’s technology and delivery markets. Details of the framework can be explored on the European Commission’s competition policy page.
Strategic push in a tightening market
For Uber, increasing its stake offers a way to deepen its presence in Europe without pursuing a full takeover. The company has made clear it intends to grow its Uber Eats business across the region this year, aiming to boost bookings in a market where growth is no longer as rapid as during the pandemic.
Delivery Hero itself operates across multiple international markets but no longer runs its brand in the UK, having sold its Hungryhouse business to Just Eat in 2016. That leaves competition in Britain largely in the hands of Just Eat, Uber Eats and Deliveroo, now backed by DoorDash.
The latest investment reflects a broader trend: as the European food delivery sector matures, companies are focusing less on aggressive expansion and more on strategic positioning, partnerships and operational efficiency. Uber’s move suggests it sees long-term value in the region despite tighter margins and rising competition.
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