Uber Technologies disclosed on July 16, 2026 that it has entered into a Business Combination Agreement to acquire Delivery Hero SE, the German food delivery and quick-commerce company, in an all-cash transaction. The deal, structured as a voluntary public takeover offer under German securities law, represents one of the largest acquisitions in Uber's history and would significantly deepen its presence in markets across Europe, Asia, and the Middle East.
The terms of the offer
Under the agreement, a wholly owned subsidiary of Uber will make an offer to purchase all outstanding shares of Delivery Hero for €41.50 per share in cash. The offer values Delivery Hero's equity at approximately €14.2 billion. Delivery Hero's management board and supervisory board have unanimously approved the transaction and agreed to recommend that shareholders accept the offer, subject to their fiduciary duties and receipt of a fairness opinion.
The transaction is expected to close in the second half of 2027, pending satisfaction of customary conditions. These include receipt of specified competition and financial services regulatory approvals, as well as acceptance of the offer by holders representing at least 50 percent of Delivery Hero shares plus one share, excluding treasury shares.
Financing and bridge facility
To fund the acquisition, Uber entered into a Bridge Credit Agreement with Morgan Stanley Senior Funding as administrative agent, providing for senior unsecured bridge loan commitments of €14.2 billion. The company stated it anticipates funding the transaction primarily with existing cash balances and debt. Loans under the facility will bear interest at EURIBOR plus an applicable margin that fluctuates based on Uber's debt rating, with step-ups at the 90th, 180th, and 270th days after closing. The bridge facility matures 364 days after the closing date and contains customary covenants, including a requirement that Uber maintain a consolidated leverage ratio of at least 3.00 to 1.00.
Termination provisions and break fees
The agreement includes reciprocal termination fees designed to protect both parties. Delivery Hero will owe Uber a €200 million termination fee if the agreement is terminated because a competing offer emerges and the Delivery Hero boards withdraw their support, or if the boards fail to support the offer as agreed. Uber will owe Delivery Hero a €700 million termination fee if the agreement is terminated due to failure to obtain required regulatory approvals, provided Delivery Hero has not materially breached its regulatory effort covenants.
The agreement may also be terminated by either party under several other scenarios, including if the offer lapses due to unmet conditions, if a competing offer is announced and the Delivery Hero boards withdraw support, or if all conditions are satisfied by May 10, 2028 but completion has not occurred for regulatory reasons.
Strategic context
The acquisition would combine Uber's ridesharing and delivery platform with Delivery Hero's extensive international delivery network, which operates in more than 70 countries. While Uber has built a substantial delivery business through Uber Eats, Delivery Hero's footprint in markets where Uber has limited or no presence makes the deal a potentially transformative expansion of its addressable market. The transaction also comes at a time when Uber has been working to resolve regulatory challenges in key jurisdictions, including a recently settled California ballot initiative dispute over rideshare safety and liability rules.