Marrakech – Uber Technologies has agreed to acquire Delivery Hero in a deal valued at $14.8 billion, a transaction that places Glovo’s Moroccan operations under American ownership and reshapes the food delivery market across dozens of countries.
The two companies announced a business combination agreement on July 16, extending what both describe as the world’s largest mobility and delivery platform to 99 countries, with combined pro-forma gross merchandise value of $236 billion in 2025.
Under the voluntary takeover offer, Uber will pay Delivery Hero shareholders €41.50 per share in cash. That implies a fully diluted equity value of €13.0 billion, or $13.7 billion once Uber’s earlier stake purchases are accounted for.
The price carries a premium of roughly 34% on the three-month volume-weighted average share price before the announcement, and about 127% on the unaffected average before May 8.
Morocco sits inside the portion of the business Uber keeps. Glovo Morocco falls among the 50 markets Uber is acquiring, which together generated $42 billion in gross merchandise value last year.
Those markets also include Glovo operations in Tunisia, Côte d’Ivoire, Kenya, Nigeria, Uganda, Italy, Ukraine, and several Balkan and Central Asian countries. They also include talabat in the Gulf and Egypt, foodpanda across Asia, PedidosYa in Latin America, HungerStation in Saudi Arabia, and Baedal Minjok in South Korea.
For Uber Eats, the acquisition solves a geographic problem. The company’s delivery arm has strong positions in North America and parts of Western Europe but limited reach across the Middle East, Asia, and Africa.
Delivery Hero brings roughly 60 million monthly active users, largely in markets where Uber has had little presence, according to Adam Ballantyne, an analyst at Cambiar Investors.
The deal nearly doubles the markets where Uber offers both mobility and delivery, from 34 to 58, and expands its food delivery network from 50 markets to 99 once overlapping operations are excluded.
Carving out the competing markets
That overlap is handled through a separate agreement, which carves out the markets where the two companies compete directly. Delivery Hero will sell businesses in 14 markets to SSW Partners, a New York investment firm, for approximately €1.4 billion.
That package covers Glovo in Spain, Portugal, Poland, Romania, and Moldova, foodora in Austria, Czechia, Norway, and Sweden, efood in Greece, foody in Cyprus, PedidosYa in Chile and Ecuador, and Yemeksepeti in Türkiye.
The structure is designed to address competition concerns, as Uber will not take control of operations in markets where Uber Eats and Delivery Hero compete head-to-head.
Uber’s economics rest on bundling rides and meals in the same app. Cross-platform users generate roughly three times the gross bookings and profits of single-product users, and the company expects the transaction to be accretive to non-GAAP earnings per share upon close, reaching high-single-digit accretion by year three.
Uber will fund the offer with cash on hand and new debt, backed by a committed bridge facility of about €14 billion, while keeping gross leverage below two times.
Dara Khosrowshahi, Uber’s chief executive, pointed to the reach the combination provides. “By bringing our platforms together, we will extend affordable, reliable delivery to many millions more people,” he stated.
Delivery Hero’s leadership framed the sale as a matter of scale. “The food delivery business is highly competitive and scale dependent,” according to Kristin Skogen Lund, chair of the supervisory board, who called the partnership the right move to secure future competitiveness. Chief executive and co-founder Niklas Östberg described the agreement as a next chapter after 15 years of building the company.
The deal follows a wave of consolidation. Uber previously bought Postmates, DoorDash acquired Wolt and Deliveroo, Just Eat merged with Takeaway.com and bought Grubhub, and Delivery Hero itself grew through Glovo and foodpanda. Uber and DoorDash now stand as the dominant operators outside China.
The path to closing remains long. The offer requires a minimum acceptance of 50% plus one share, along with merger control and regulatory clearances.
Uber held 24.77% of Delivery Hero’s voting capital directly and further economic exposure of 11.74% through derivatives; Prosus has irrevocably committed its roughly 17% stake, lifting Uber’s total economic interest above 53%. Completion is expected in the second half of 2027, a timeline Jefferies analysts characterized as a long slow march through review.
Uber has committed to retaining Delivery Hero’s Berlin headquarters and workforce until at least 2029, and to investing €2 billion in Germany through 2031.
