Key Highlights

  • Uber offers a cash consideration of €41.50 per Delivery Hero share, forming the basis of a multibillion‑euro transaction.
  • The offer is supported by a bridge loan commitment totaling €14.2B.
  • Completion requires holding a majority of Delivery Hero’s outstanding shares.
  • The deal is targeted for completion in 2027, subject to required approvals.

Uber Technologies, Inc. (NYSE: UBER) has announced a cash offer of €41.50 per share for Delivery Hero, a move intended to create a leading global platform that combines mobility and food‑delivery services. The proposal is structured as a voluntary public takeover under German law and incorporates Uber’s existing stake in Delivery Hero. Funding for the transaction is anchored by a bridge loan commitment of €14.2B, reflecting Uber’s confidence in the strategic fit of the merger.

Offer Terms

The bid seeks to acquire all outstanding Delivery Hero shares at €41.50 each. The offer will become effective upon securing a majority of the sharehold‑ing base, including shares already held by Uber and those pledged by anchor shareholder Prosus. Both Delivery Hero’s management and supervisory boards have expressed support for the proposal, with an intention to recommend acceptance pending a fairness assessment.

The transaction includes a termination fee of €200 million payable to Uber if Delivery Hero terminates in favor of an alternative offer, and a reciprocal fee of €700 million payable by Uber if the deal is abandoned after meeting stipulated conditions.

Bridge Loan Arrangement

To finance the acquisition, Uber has arranged a bridge loan facility aggregating €14.2B, administered by Morgan Stanley Senior Funding. The facility is unsecured and scheduled to mature within a year after closing. Proceeds are earmarked to settle the cash consideration, refinance existing debt of Delivery Hero, and cover related transaction costs.

Uber plans to combine the bridge loan with its existing cash resources to maintain its investment‑grade credit profile.

Strategic Rationale

The combined entity would extend Uber’s presence across a significantly broader set of markets, enhancing its ability to cross‑sell mobility and delivery services. Industry analysts anticipate that the integration could generate operational synergies, leveraging shared technology platforms and customer bases. The acquisition aligns with Uber’s broader ambition to strengthen its position in the global food‑delivery environment while diversifying revenue streams.

Regulatory Pathway

The takeover is slated for completion in 2027, contingent upon approvals from German financial regulator BaFin and relevant competition authorities. Uber has committed to refrain from entering a Domination and Profit Transfer Agreement for a defined period after closing, addressing concerns about the independence of Delivery Hero’s operations. The Offer Document, once cleared by BaFin, will trigger a formal acceptance window during which Delivery Hero shareholders may tender their shares.

A parallel agreement with SSW Partners to divest certain Delivery Hero businesses in selected markets may aid in meeting antitrust requirements.

The Business Combination Agreement, filed in mid‑2026, outlines the detailed terms and conditions governing the transaction, including the bridge loan commitments, termination fees, and the obligations of both parties under the proposed merger.

This article is for informational purposes only and does not constitute financial advice. Please consult a licensed financial adviser before making investment decisions.