Observed Signal · May 23, 2026 · M&A · Source: Manager Magazin · Impact: 4/5 · Sentiment: Neutral
Uber Seeks to Acquire Delivery Hero
Uber has approached Delivery Hero with a proposal to acquire the entire food-delivery company. Delivery Hero said Uber offered €33 per share; the company’s shares had risen about 70% over two weeks to €33.59 at the Xetra close and reached €35.50 on Tradegate after-hours, implying a market value slightly above €10 billion. Uber already holds a large stake in Delivery Hero — disclosed as 19.5% of issued capital plus 5.6% in options — and has been in talks with other shareholders. Major holders cited include Prosus (~16.8%) and Aspex Management (~14.4%). Morgan Stanley was reported to hold primarily indirect exposure above 30% via financial instruments. Delivery Hero is headquartered in Berlin but no longer operates in Germany after selling its local business to Just Eat Takeaway.
A potential full takeover by a large consumer platform changes ownership of a global delivery network that holds first‑party customer data and in‑app inventory; this consolidation can materially affect retail-media opportunities, competitive dynamics across regions, and regulatory/shareholder scrutiny relevant to digital advertising and commerce.
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Key Takeaways & Evidence Grounding
- Uber approached Delivery Hero with an offer of €33 per share.
- Uber holds 19.5% of Delivery Hero's issued capital and 5.6% in options, per filings.
- Delivery Hero's shares rose about 70% in two weeks to €33.59 at Xetra close; after-hours Tradegate quotes reached €35.50.
- The market value implied is slightly more than €10 billion.
- Major shareholders include Prosus (~16.8%) and Aspex Management (~14.4%); Morgan Stanley reportedly has mainly indirect exposure exceeding 30% via financial instruments.
Connected Companies & Entities
5 Entities mappedRelated Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Uber nears deal to acquire Delivery Hero this week
Uber has offered €41.50 per share (about €13 billion / $14.8 billion) in an all-stock proposal to acquire Berlin-based Delivery Hero. The deal, not final, would nearly double Uber’s delivery footprint to roughly 100 markets across Europe, the Middle East, Latin America and Asia. Delivery Hero agreed to sell operations in 14 markets where Uber Eats operates to SSW Partners for $1.6 billion. Uber, already the largest shareholder with c.25% direct and ~12% more via derivatives/third parties (access to nearly 37%), has set a minimum acceptance threshold of 50% plus one share; major investor Prosus has agreed to sell about 17%. The transaction requires regulatory approval and could face antitrust scrutiny and divestment remedies. Uber pledged to keep Delivery Hero’s headquarters in Berlin and not change the local workforce until at least 2029.
Uber Raises Stake in Delivery Hero to ~25%
Uber has significantly increased its holding in German food-delivery group Delivery Hero, reporting 24.99% of voting rights as of May 25 (up from 19.5%). The move comes amid takeover interest: Delivery Hero confirmed a non‑binding offer from Uber of €33 per share over the weekend. The Financial Times reported Uber acquired Aspex’s position via direct purchases and derivatives at just under €40 per share, a valuation near €12 billion and implying Uber has secured almost 37% of the company. Delivery Hero shares rose to €39.35, and other large shareholders such as Prosus (21.8%) face regulatory constraints that require its stake to fall below 10% by August. Delivery Hero founder and CEO Niklas Östberg announced his resignation.
Uber Becomes Largest Shareholder in Delivery Hero
Uber has increased its stake in Berlin-based food delivery company Delivery Hero, becoming the largest shareholder with a 19.5% holding. Uber also holds options on an additional 5.6% of shares, which could give it a blocking minority; the company said a full takeover (e.g., boosting to 30%) is not currently intended. Delivery Hero's stock rose sharply after the disclosure, trading at €31.15 after Xetra close. The move follows an April transaction in which Uber bought shares from Prosus and reached 7.2% earlier. Prosus is required to reduce its stake in Delivery Hero to below 10% by late summer. Delivery Hero described Uber’s investment as validation of its platform strategy and said it will continue focusing on operations and exploring strategic options to create long-term shareholder value.
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