Delivery Hero's board approved Uber's $14.8 billion acquisition offer on September 2, creating what would become one of the world's largest food delivery platforms if shareholders vote to accept the deal.
The board's recommendation follows Uber's formal offer to acquire the Berlin-based company, which operates in over 70 countries across Europe, Latin America, the Middle East and Asia. Delivery Hero generated roughly $8 billion in gross order value in 2025 and operates multiple brands including Foodpanda, Glovo, and its eponymous platform. Uber Eats, by contrast, was valued at approximately $37 billion in internal Uber filings as of 2024 and operates in roughly 70 countries as well.
Uber has sought to consolidate the fragmented food delivery market for years. The company acquired Eats rival Postmates for $2.65 billion in 2020, then sold its India business to Zomato for $206 million in 2022. A combined Delivery Hero-Uber entity would operate under a single portfolio controlling multiple regional brands, which both companies say would allow them to reduce duplicative costs and offer better terms to restaurants and couriers.
Delivery Hero's board said in a statement posted to its newsroom that the offer "provides attractive value to shareholders" while allowing the company to "remain independent and unlock significant synergies." The phrasing indicates ongoing negotiation: the deal structure has not yet been finalized, and the board has not unanimously endorsed the takeover. Delivery Hero shareholders will vote on whether to accept the bid, though a timeline for that vote has not been set.
Regulatory approval is the central open question. The UK Competition and Markets Authority, the European Commission, and antitrust authorities in Brazil and Southeast Asia have all reviewed or will review high-profile food delivery mergers in recent years. Uber itself faced extended merger reviews in India and other jurisdictions before closing prior acquisitions. The combined entity's market position in Europe, where both Uber Eats and Delivery Hero operate significant operations, could draw close scrutiny from Brussels.
Uber's offer values Delivery Hero at roughly 1.85 times its 2025 gross order value, a multiple lower than the 3.2 times multiple at which Uber valued Postmates six years ago, adjusted for inflation. The board's approval removes the largest internal hurdle to the deal, but shareholders must still vote to accept, and regulatory authorities retain final say.
