Uber Technologies has launched an aggressive bid to tighten its grip on the global food delivery market, proposing to acquire the shares of Delivery Hero it does not already own in a move that could reshape competition across Europe, the Middle East, and other fast-growing emerging markets.
The proposed €33-per-share offer, first reported by Bloomberg and confirmed by Delivery Hero on Saturday, values the Berlin-based company at roughly €10 billion ($11.5 billion).
The German company said in a statement it “remains fully focused on executing its strategic review process,” adding that it will provide further updates “as required or appropriate.”
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While the indicative price represented a slight discount to Delivery Hero’s latest closing price, the approach signals that Uber sees strategic urgency in expanding internationally as rivalry intensifies with DoorDash.
The deal would mark one of the largest consolidation plays in the global delivery industry since the pandemic-era boom transformed food delivery platforms into major logistics and e-commerce infrastructure businesses. Analysts say the takeover would significantly expand Uber’s reach across high-growth regions where Delivery Hero has built dominant positions, particularly in the Middle East, Asia, Eastern Europe, and parts of Latin America.
The company did not disclose when the proposal was made, though people familiar with the matter said Uber has been quietly building its position for months while studying options for a broader takeover.
Uber’s current offer would amount to an estimated €8.1 billion purchase for the portion of Delivery Hero it does not already own. However, the final valuation could rise materially because Uber also holds derivative exposure tied to an additional 5.6% stake. Bloomberg reported earlier this week that Morgan Stanley helped Uber rapidly accumulate its near-20% holding through derivatives structures.
The move places Uber directly against DoorDash in what is becoming an increasingly global contest for scale, logistics density, and market dominance beyond the United States. The Financial Times reported that both Uber and DoorDash have held discussions with Delivery Hero investors, raising the prospect of a bidding war between the two American delivery giants.
DoorDash is said to be particularly interested in Talabat, Delivery Hero’s Middle East business, which has become one of the region’s most profitable and strategically valuable digital commerce platforms. Talabat commands a powerful position across Gulf markets where online food delivery and quick commerce penetration continue to rise rapidly alongside population growth and rising consumer spending.
Several Delivery Hero shareholders are reportedly unimpressed with Uber’s initial €33-per-share proposal and are pushing for a figure above €40 per share. Such a price could value the company well beyond €10 billion and materially increase the cost of any transaction.
The renewed takeover interest comes at a sensitive moment for Delivery Hero. The company has been under mounting investor pressure to improve profitability after years of aggressive expansion, acquisitions, and capital-intensive growth. Activist investor Aspex has pushed for operational restructuring and asset sales, pressure that contributed to Chief Executive Niklas Östberg deciding to step down.
The attraction is clear for Uber as the company already dominates ride-hailing in many markets, although food delivery has become an increasingly critical growth engine as transportation margins mature. Acquiring Delivery Hero is expected to dramatically strengthen Uber Eats internationally and give the company deeper exposure to emerging markets where digital ordering adoption remains relatively early-stage.
Bloomberg Intelligence analysts Mandeep Singh and Robert Biggar estimated before the offer became public that a full takeover could ultimately command between $15 billion and $18 billion, depending on negotiations, strategic assets included, and competitive interest from rival bidders.
The broader delivery sector has entered a new phase where investors are rewarding profitability, market leadership, and operational efficiency rather than pure growth at all costs. Companies are now seeking scale advantages that allow them to spread logistics costs, improve delivery times, integrate advertising and payments, and expand into grocery, retail, and financial services.
Uber’s push also highlights how global delivery players are increasingly converging around “super app” ambitions, particularly in emerging markets. Delivery Hero’s regional brands already extend beyond restaurant delivery into grocery logistics, pharmacy delivery, and quick commerce services, assets that could strengthen Uber’s long-term ecosystem strategy.
Regulatory scrutiny, however, could become a major obstacle. German takeover law requires a mandatory public tender offer once ownership crosses 30%, a threshold Uber recently said it had no immediate intention of breaching. Still, the company acknowledged that it regularly reviews investment opportunities and could increase its stake if circumstances change.
Antitrust regulators globally have become more aggressive toward digital platform consolidation, especially in sectors tied to consumer pricing, labor markets, and data concentration. Thus, competition authorities may also closely examine any transaction, particularly in markets where Uber Eats and Delivery Hero already overlap.
The proposed acquisition also arrives during a broader wave of consolidation across the technology and delivery sectors as companies seek scale to offset slowing consumer spending and rising operating costs. Higher interest rates over the past two years forced many delivery companies to shift away from subsidy-driven expansion toward sustainable cash generation.
Delivery Hero shares have surged nearly 50% this year amid speculation about strategic deals and takeover interest. Investors appear convinced that the company’s sprawling international footprint and dominant regional positions make it one of the most attractive remaining acquisition targets in the global delivery industry.