Uber and one of its affiliates have entered into a business combination agreement to acquire Delivery Hero, thereby extending the mobility and delivery platform to 99 countries.
Under the terms of the voluntary takeover offer, Uber will offer Delivery Hero shareholders €41.50 per share in cash (implying a fully diluted equity value of €13.0 billion).
Berlin-headquartered Delivery Hero currently operates in around 65 countries across Asia, Europe, Latin America, the Middle East and Africa. It began as a food delivery service in 2011 and today runs its own delivery platform on four continents.
Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to deliver groceries and household goods to customers in under 1 hour, often within 20 to 30 minutes.
“Delivery Hero’s talented team has built an extraordinary business, with beloved local brands and strong positions across some of the world’s fastest-growing delivery markets,” said Dara Khosrowshahi, CEO of Uber.
“By bringing our platforms together, Uber will extend affordable, reliable delivery to many millions more people in some of the world’s most dynamic economies, while creating more opportunities for merchants and couriers.”
“We are excited about this opportunity with Uber and the possibilities it offers for our employees, shareholders, and partners. Uber’s global mobility and delivery platform and our shared commitment to innovation make this the right partnership to build on Delivery Hero’s strengths in local food delivery and Quick Commerce, and to take our Everyday App strategy further for our customers,” said Niklas Östberg, CEO and Co-Founder of Delivery Hero.
“I’m grateful to our people for building this company over 15 years, and we look forward to this great next chapter together.”
Uber has pledged to retain Delivery Hero’s headquarters and make no changes to its workforce in Berlin until at least 2029.
Additionally, Uber committed to using commercially reasonable efforts to invest €2 billion in Germany through 2031, with a focus on developing its local corporate workforce, growing its nationwide business, and launching autonomous vehicle deployments and partnerships with the German automotive industry.
“This acquisition and Uber’s planned investment in Germany demonstrate the attractiveness of the European tech ecosystem, and we intend to keep contributing to its growth,” said Niklas Östberg, Co-Founder and CEO of Delivery Hero.
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