Uber is evolving beyond just food delivery and is now making strategic moves to acquire entire companies, particularly focusing on Delivery Hero's regional businesses. This development indicates a significant phase of consolidation in the food delivery market, a sector that has witnessed rapid changes in recent years.
As of May 23, Uber proposed a takeover of Delivery Hero valued at about €10 billion, which translates to approximately $11.6 billion. The offer price of €33 per share has raised eyebrows among some investors, who believe this valuation does not reflect the company's true worth.
How did Uber build its stake in Delivery Hero? Starting in April 2026, Uber acquired a 4.5% stake from Prosus for €20 per share—a deal made under divestment requirements rather than through voluntary exit. By mid-May, Uber expanded its holdings to 19.5%, complemented by an additional 5.6% from options. This journey culminated when Uber secured 14.6% of Delivery Hero shares from Aspex Management, boosting its total stake to an approximate 36.83%, equating to about 24.99% of voting rights.
What does this mean for the competitive landscape? Uber's outreach to potential buyers for Delivery Hero's regional assets hints at a breakup strategy that could reshape the current dynamics. Other players like DoorDash are also eyeing acquisitions linked to Delivery Hero's operations, particularly in regions like Turkey and the Middle East.
Investors must consider the implications of Uber's €33 per share offer. Several stakeholders are advocating for a more favorable price of over €40 per share, which represents a premium of over 20% from Uber's original bid. The stark difference between Uber's acquisition price from Prosus and its current offer illustrates a significant increase in share value—approximately 65% in less than two months.
For those monitoring these developments, two significant areas warrant close observation: the potential for Uber to revise its offer closer to the €40 threshold demanded by shareholders and the region-specific assets that might be up for sale, as DoorDash's interest could lead to transformative shifts in competitive dynamics within those markets.