On September 2, 2026, Delivery Hero's management and supervisory boards formally recommended that shareholders accept Uber Technologies, Inc. (NYSE:UBER)'s takeover offer, and Bloomberg reported. It moves the roughly $15 billion deal for the German food-delivery platform a step closer to completion. Under the agreement, Uber will pay €41.50 per share, implying an equity value of $14.8 billion.
Delivery Hero's second-largest shareholder, Prosus, has irrevocably committed to tender its 17% stake. The shareholder acceptance period runs until November 5. The Delivery Hero acquisition would significantly expand Uber Technologies, Inc. (NYSE:UBER)'s global delivery scale.
The combined company would operate across 99 markets and generate $236 billion in pro forma gross bookings. It gives Uber greater scale against DoorDash and Just Eat Takeaway and expands its presence in markets where Uber Eats currently lacks meaningful operations. The transaction could also solidify Uber's earnings growth.
Uber already owned roughly 25% of Delivery Hero. The company expects the deal to increase non-GAAP EPS upon closing, with high-single-digit percentage accretion by the third year. That projected accretion gives investors a clearer path to higher earnings rather than relying solely on revenue growth to justify the acquisition.
Uber's strong cash generation gives it the financial capacity to pursue the deal. Second-quarter gross bookings increased 22% to a record $58 billion, while trailing 12-month free cash flow exceeded $10 billion for the first time. So Uber can fund a large acquisition while continuing to invest in its existing mobility and delivery businesses.
Uber Technologies, Inc. (NYSE:UBER) still needs to prove that the acquisition can deliver the expected financial benefits. Uber's shares fell 5.3% after its second-quarter results, as the company provided weaker bookings and earnings guidance than Wall Street expected. The weaker outlook raises the pressure on management to show that Delivery Hero can speed up growth and earnings rather than add complexity to an already mature business.
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