Uber Technologies is considering a full acquisition of Berlin-based Delivery Hero SE, a move that would dramatically reshape the global food delivery landscape. The company has steadily increased its stake in the German delivery platform to approximately 19.5% of issued capital, making it the single largest shareholder.
That stake was sitting at roughly 7% not long ago. The jump came after Uber purchased a 4.5% block from Prosus in April 2026 for €270 million, roughly $318 million. Since then, the company has been working with advisers and holding discussions with other Delivery Hero shareholders about further expanding its position.
From minority investor to potential acquirer
Here’s the thing about corporate takeovers in Germany: once you cross 30% ownership, you’re legally required to make a mandatory tender offer to all remaining shareholders. Uber has publicly stated it has “no intent” to breach that threshold.
The strategic relationship between the two companies stretches back to at least 2024. That May, Uber agreed to acquire Delivery Hero’s foodpanda operations in Taiwan for $950 million. Alongside that deal, Uber made a $300 million equity investment directly into Delivery Hero.
The delivery market is consolidating fast
Delivery Hero is also navigating a leadership transition. CEO Niklas Östberg is set to step down by March 2027, with a new chief executive expected to be appointed by the end of 2026.
Market reactions have reflected this dual reality. Delivery Hero’s American Depositary Receipts surged nearly 10% on the news. Uber’s shares, meanwhile, experienced a modest decline, a pattern that’s typical in potential acquisitions where the buyer’s shareholders worry about deal premiums and integration costs.
What this means for investors
A full takeover of a company of Delivery Hero’s size would likely carry a significant premium over current market prices, especially now that the stock has popped on takeover speculation. The €270 million Prosus block purchase gives some indication of the valuation Uber is willing to pay for incremental shares, but a full tender offer would almost certainly come at a higher per-share price.
Regulatory risk is the elephant in the room. German takeover rules create specific obligations once the 30% threshold is crossed, and antitrust regulators in multiple jurisdictions would need to approve any deal.
With Delivery Hero’s CEO departure set for early 2027, Uber has a narrow window to either negotiate with current leadership or wait for the transition and deal with a new management team. The fact that Uber is already engaging advisers and talking to shareholders suggests urgency rather than patience.