LONDON, July 25 – Uber Technologies has agreed to acquire Delivery Hero in a transaction valued at $14.8 billion, a move that will bring Glovo’s Moroccan operations under Uber’s ownership and significantly expand the American technology company’s presence across Africa and other emerging markets.
The companies announced the business combination agreement on 16 July, describing the transaction as one that will create the world’s largest mobility and delivery platform, operating across 99 countries with a combined pro-forma gross merchandise value (GMV) of $236 billion in 2025.
Under the voluntary takeover offer, Uber will pay €41.50 per share in cash to Delivery Hero shareholders, implying a fully diluted equity valuation of €13 billion, or approximately $13.7 billion after accounting for Uber’s previous stake purchases.
The offer represents a premium of around 34% over Delivery Hero’s three-month volume-weighted average share price before the announcement and approximately 127% above the unaffected average share price prior to 8 May.
For Africa, the transaction carries particular significance as Glovo Morocco is among the businesses Uber will retain following the acquisition. Morocco forms part of a portfolio of 50 markets being acquired, which together generated $42 billion in gross merchandise value last year.
The acquisition also includes Glovo’s operations in Tunisia, Côte d’Ivoire, Kenya, Nigeria and Uganda, alongside businesses spanning Europe, the Middle East, Asia and Latin America, including talabat, foodpanda, PedidosYa, HungerStation and Baedal Minjok.
The transaction substantially expands Uber Eats’ international footprint. The company has traditionally maintained a strong presence in North America and parts of Western Europe but comparatively limited exposure across Africa, Asia and the Middle East.
According to Adam Ballantyne, an analyst at Cambiar Investors, Delivery Hero contributes approximately 60 million monthly active users, primarily in markets where Uber previously had limited operations.
Once completed, the acquisition will increase the number of markets where Uber operates both mobility and delivery services from 34 to 58, while expanding its food delivery presence from 50 markets to 99, excluding overlapping operations.
To address potential competition concerns, Delivery Hero has agreed to divest operations in 14 overlapping markets to New York-based investment firm SSW Partners for approximately €1.4 billion.
The divestment includes Glovo’s businesses in Spain, Portugal, Poland, Romania and Moldova, alongside several other European and Latin American delivery platforms. The arrangement is intended to facilitate regulatory approval by ensuring Uber does not acquire businesses where it already competes directly with Delivery Hero.
Uber said the acquisition supports its strategy of integrating ride-hailing and food delivery services within a single platform. The company noted that customers using both services generate significantly higher bookings and profitability than single-service users, adding that the transaction is expected to be accretive to non-GAAP earnings per share upon completion, reaching high single-digit accretion by the third year.
Commenting on the transaction, Uber Chief Executive Dara Khosrowshahi said, “By bringing our platforms together, we will extend affordable, reliable delivery to many millions more people.”
Delivery Hero also described the agreement as a strategic step towards strengthening its long-term competitiveness.
According to Kristin Skogen Lund, Chair of Delivery Hero’s Supervisory Board, “The food delivery business is highly competitive and scale dependent,” adding that the partnership represents the right path for the company’s future competitiveness.
Chief Executive and co-founder Niklas Östberg said the agreement marks “the next chapter” after fifteen years of building the business.
Uber will finance the acquisition using existing cash resources together with new debt supported by a committed bridge financing facility of approximately €14 billion, while maintaining gross leverage below two times.
The transaction remains subject to shareholder approval, regulatory clearances and merger control reviews. Uber currently owns 24.77% of Delivery Hero’s voting capital and holds an additional 11.74% economic interest through derivatives. Investment group Prosus has also irrevocably committed its approximately 17% shareholding, lifting Uber’s combined economic interest above 53%.
Completion of the acquisition is expected during the second half of 2027.
Uber has also committed to retaining Delivery Hero’s Berlin headquarters and workforce until at least 2029 and plans to invest €2 billion in Germany through 2031.
The transaction represents one of the largest consolidations in the global food delivery industry and further reinforces the trend towards scale-driven competition as major platforms seek broader geographic reach, operational efficiencies and stronger positions in high-growth emerging markets.
