Uber in its $14.8 billion voluntary takeover offer for all outstanding shares of Delivery Hero

On July 16, 2026, Uber Technologies, Inc. (NYSE: UBER) announced that it has entered into a business combination agreement with Delivery Hero SE (Xetra: DHER), a local delivery platform headquartered in Germany, to commence a voluntary takeover offer to acquire all the outstanding shares of Delivery Hero for EUR 41.50 per share, at an implied equity value of $14.8 billion.  Delivery Hero’s Supervisory Board and Management Board have agreed to recommend Uber’s offer, which is subject to customary conditions.  The transaction represents the largest M&A transaction in the food delivery sector.

Delivery Hero also entered into a separate agreement with SSW Partners to sell Delivery Hero’s businesses in 14 markets for approximately $1.6 billion, subject to completion of Uber’s offer.  The Uber transaction includes an irrevocable undertaking by Prosus N.V. (XAMS: PRX), which owns 16.8% of Delivery Hero’s outstanding shares, to tender its shares into the offer.  Uber previously acquired 24.8% of Delivery Hero’s outstanding shares, as well as derivatives with respect to an additional 11.7% of Delivery Hero’s shares.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Uber in connection with all of these transactions.