Uber secures two thirds of Delivery Hero as takeover offer clears first window
After the regular acceptance period ended, the US mobility and delivery group can count 66.56% of the Berlin food delivery company as its own. Shareholders get a second chance to tender until 24 November, while closing still depends on competition approvals.
Uber has secured 66.56% of the share capital of Delivery Hero, the Berlin-based food and grocery delivery group, after the regular acceptance period of its takeover offer ended on 5 November 2026, Handelsblatt reported on Tuesday 10 November, citing Uber's own figures.
The total includes shares tendered during the offer, shares Uber already held and equity derivatives with a right to physical delivery, excluding Delivery Hero's treasury shares, according to finanzen.net. A further acceptance period runs from 11 to 24 November 2026.
How Uber reached two thirds
Uber offers EUR 41.50 in cash for each Delivery Hero share. According to Uber's announcement of the offer document on 27 August 2026, that price was a premium of about 108% to Delivery Hero's unaffected closing price on 8 May 2026. The offer values Delivery Hero at about EUR 13bn, Handelsblatt and finanzen.net report.
During the regular acceptance period, shareholders tendered 34.63% of Delivery Hero's share capital and voting rights, finanzen.net reports, including the second-largest shareholder, Prosus. Prosus had given an irrevocable undertaking to tender its full stake of about 16.7%. Together with the shares Uber already owned and its equity derivatives, that brings the stake attributable to Uber to 66.56%.
The result was not a surprise. The offer had a minimum acceptance threshold of 50% plus one share, and Uber had already lined up more than half of Delivery Hero through its existing stake, derivatives and the Prosus commitment before the offer opened. What the figure shows is how much of the free float accepted on top of that.
A second window until 24 November
Under German takeover law, shareholders who did not accept during the regular period get a further acceptance period once an offer has succeeded. For Delivery Hero, that window runs from Wednesday 11 November until 24 November 2026 at 24:00 Frankfurt time (18:00 New York time). The price remains EUR 41.50 per share.
Uber still expects the offer to complete in the second half of 2027. Completion depends on further conditions, in particular merger control and other regulatory approvals.
Remedies and commitments
To address competition concerns, Delivery Hero has agreed to sell its business in 14 countries to the New York investment firm SSW Partners for a total of EUR 1.4bn, according to Handelsblatt and finanzen.net. Uber's offer announcement says that sale is separate from, but conditional on, the closing of the offer, and that Uber has no influence over SSW Partners or the businesses it acquires.
Uber has also made commitments in Germany. According to finanzen.net, it will keep Delivery Hero's headquarters in Berlin until at least 2029, will not enter into a domination and profit transfer agreement for three years, and plans to invest EUR 2bn in Germany over the next five years. Handelsblatt adds that Uber intends to keep the Berlin workforce stable.
Once the deal closes, Uber would become the largest food delivery company in the world outside China, Handelsblatt writes. Uber's earlier announcement said the combined platform would cover 99 markets with pro forma gross bookings of USD 236bn in 2025, and would nearly double the number of markets in which Uber offers both mobility and delivery, from 34 to 58.
Where Delivery Hero stands
The takeover comes as Delivery Hero is growing quickly. In the third quarter, the group processed more than one billion orders for the first time and raised its 2026 guidance, as we reported in October. Its planned sale of foodpanda Taiwan to Grab collapsed after Taiwan's competition authority refused approval, and Delivery Hero said Grab will pay an agreed break fee.
What it means for European founders and investors
Delivery Hero is one of the best-known companies to come out of Berlin's startup scene and is listed in Frankfurt's MDAX index. Control by Uber would move one of Germany's few consumer tech groups of global scale into US ownership, even with the Berlin headquarters commitment.
For investors, the deal is a reminder that Europe's listed tech companies can become targets when their share prices lag. The premium of about 108% to the unaffected price shows how far public markets had marked down Delivery Hero compared with what a strategic buyer was willing to pay. Founders and boards of other listed European scale-ups should expect more interest from US strategic buyers with large balance sheets.
For the wider ecosystem, the questions now are regulatory and practical. Competition authorities in many markets still have to clear the deal, and the SSW Partners sale shows that remedies can be sizeable. Engineers and managers in Berlin will watch how far the commitments on headquarters, jobs and investment shape the combined group. Startups that supply delivery platforms, from restaurant software to quick commerce logistics, may have to adjust to one large buyer where there used to be two competitors.
Spotted an error? Email contact@europreneursmedia.com and we'll correct it. See our corrections policy and editorial standards.
