Uber Technologies has offered $14.8 billion to take over Delivery Hero, the German parent company of foodpanda, in a move that could reshape the global food delivery market and expand Uber’s combined mobility and delivery network to 99 markets.
The US-based ride-hailing and delivery giant has entered into a business combination agreement with Delivery Hero, offering shareholders €41.50 per share in cash.
The offer values Delivery Hero at $14.8 billion, or $13.7 billion after adjusting for Uber’s previous purchases of shares in the company.
Bangladesh operations
While Delivery Hero owns and operates foodpanda in several Asian markets, including Bangladesh, foodpanda Bangladesh will not become part of Uber’s operations under the proposed takeover.
As part of the transaction arrangement, Delivery Hero has separately agreed to sell businesses across 14 markets to SSW Partners, a New York-based investment firm, for approximately $1.6 billion.
This deal includes foodpanda operations in Bangladesh, Cambodia, Hong Kong, Laos, Malaysia, Myanmar, Pakistan, the Philippines, and Singapore.
Uber stated it would not acquire control over the businesses transferred to SSW Partners, which will independently manage operations and seek strategic partners for long-term growth.
Market expansion and scale
The businesses being acquired by Uber cover 50 markets and generated around $42 billion in gross bookings in 2025. In contrast, the businesses being transferred to SSW generated approximately $11 billion in gross bookings during the same period.
The acquisition is set to significantly broaden Uber’s delivery presence, increasing the number of markets where it offers both mobility and delivery services from 34 to 58.
The combined platform would have pro-forma gross bookings of $236 billion based on 2025 figures.
Uber Chief Executive Dara Khosrowshahi said combining the two companies would create a larger platform for consumers, merchants, and delivery partners.
“By bringing our platforms together, we will extend affordable, reliable delivery to many millions more people in many of the world’s most dynamic economies,” Khosrowshahi said.
The proposed deal comes as global food delivery companies seek greater scale amid intense competition, rising operating costs, and pressure from investors to improve profitability.
Board approval and commitments
Delivery Hero’s management and supervisory boards have unanimously supported the takeover and intend to recommend that shareholders accept the proposal.
Prosus, a major shareholder in Delivery Hero, has also committed to tender its shares, which would raise Uber’s total economic interest in Delivery Hero to about 53 per cent.
Delivery Hero Chief Executive Niklas Östberg said the partnership would help the company build on its local delivery expertise and quick-commerce operations.
“The food delivery business is highly competitive and scale dependent,” said Delivery Hero Supervisory Board Chairperson Kristin Skogen Lund, adding that joining forces with a stronger partner would secure the company’s future competitiveness.
Financials and regulation
Uber expects the deal to close in the second half of 2027, subject to shareholder approval and regulatory clearances. The company plans to finance the acquisition through existing cash reserves and new debt financing, having secured a committed bridge facility of about €14 billion.
Uber has pledged to retain Delivery Hero’s headquarters in Berlin and honour commitments to avoid workforce changes there until at least 2029. Additionally, the company plans to invest €2 billion in Germany over the next five years, focusing on local operations and autonomous vehicle development.
The takeover proposal will be reviewed by Germany’s financial regulator, BaFin, before the formal offer document is published.
