Observed Signal · Jul 31, 2026 · M&A - Announced · Source: EQS News: Corporate Deals & M&A · Impact: 2/5 · Sentiment: Neutral
Uber and Delivery Hero Sign €1.4B Promissory Note Deal
Delivery Hero SE disclosed that on July 16, 2026, it and some of its subsidiaries signed an agreement with Uber Technologies and Uber's subsidiary SMB Holding Corporation to sell promissory notes with a nominal value of approximately €1.4 billion. The notes will be issued by SDU 1, LLC, an affiliate of SSW Partners, as consideration for SDU's acquisition of certain Delivery Hero business activities. The transaction is subject to several conditions, including the completion of Uber's intended voluntary public takeover offer for all Delivery Hero shares, the separation of the divested business activities, and required regulatory approvals. Delivery Hero's supervisory board approved the agreement in advance. Uber and SMB are considered related parties because SMB directly holds 24.99% of Delivery Hero shares, with the stake attributed to Uber.
Major M&A development in the European food delivery/e-commerce sector, but the announcement has limited direct impact on AdTech or MarTech operations.
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Key Takeaways & Evidence Grounding
- Delivery Hero and some subsidiaries signed a promissory note purchase agreement with Uber and SMB Holding Corporation on July 16, 2026.
- The promissory notes have a nominal value of approximately €1.4 billion and will be issued by SDU 1, LLC.
- The notes serve as consideration for SDU's acquisition of certain Delivery Hero business activities.
- Completion depends on conditions including Uber's public takeover offer for all Delivery Hero shares, separation of divested activities, and regulatory approvals.
- SMB Holding Corporation directly holds 24.99% of Delivery Hero shares, making Uber a related party.
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