Uber’s $14.8 Billion Bid for Delivery Hero Sets Stage for Global Food Delivery Giant

Ride-hailing and food delivery company Uber has announced a $14.8 billion (€41.50 per share) takeover bid for Delivery Hero, a transaction that, if completed, would create the world’s largest food delivery platform outside China. The deal has brought together several leading international law firms and is expected to undergo extensive regulatory scrutiny before its anticipated completion in the second half of 2027.

Freshfields and Wachtell, Lipton, Rosen & Katz are serving as principal legal advisers to Uber, while Cooley is advising on financing aspects of the transaction. On the other side, Sullivan & Cromwell is acting as legal counsel to Delivery Hero, with Clifford Chance advising on antitrust and regulatory issues and Morrison Foerster representing the Berlin-based company’s supervisory board.

To address anticipated competition concerns, Delivery Hero has agreed to divest its operations in 14 markets where they overlap with Uber Eats. The businesses will be sold to New York-based investment firm SSW Partners for approximately €1.4 billion. SSW is being advised by Paul Weiss, Hengeler Mueller, Baker Botts, and Gibson Dunn, each handling different aspects of the transaction.

The proposed acquisition represents a significant strategic expansion for Uber as it seeks to strengthen its global delivery business amid growing competition from DoorDash and Just Eat, the latter owned by Dutch technology investor Prosus. According to Delivery Hero, the combined business would operate across 99 countries with a projected pro forma Gross Merchandise Value (GMV) of $236 billion for 2025, bringing it close to Chinese delivery giant Meituan, whose platform GMV is estimated at approximately $246.5 billion.

Commenting on the transaction, Uber Chief Executive Officer Dara Khosrowshahi stated that the acquisition would nearly double the number of markets in which Uber offers both mobility and delivery services, enabling the company to scale its integrated platform while creating long-term value for customers and shareholders.

The offer represents a 34% premium over Delivery Hero’s three-month volume-weighted average share price before the announcement. Uber has made the offer conditional upon securing acceptances representing at least 50% plus one share of Delivery Hero’s share capital. The transaction has already received the support of Delivery Hero’s management and supervisory board.

The deal also involves a number of leading financial institutions. Morgan Stanley and Deutsche Bank are serving as lead financial advisers to Uber, alongside Bank of America and Goldman Sachs. Affiliates of Morgan Stanley, Bank of America, and Deutsche Bank are providing the committed bridge financing facility. JP Morgan is acting as the exclusive financial adviser to Delivery Hero, while Evercore is advising SSW Partners.

Given the scale of the proposed acquisition and its implications for competition in multiple jurisdictions, regulatory approvals are expected to be a key hurdle before the transaction can be finalised. If approved, the acquisition would significantly reshape the global food delivery market, consolidating Uber’s position as one of the industry’s largest international platforms while marking one of the most prominent cross-border M&A transactions in the technology sector in recent years.