Uber’s €12.7 bn takeover of Delivery Hero creates Europe’s biggest food‑delivery player
Executive summary: Uber’s offer to acquire Delivery Hero for approximately €12.7 billion was accepted by Delivery Hero’s board; Uber already holds an indirect 36 % stake in the company. The combination would create a dominant European food‑delivery platform, raising antitrust concerns and potentially prompting asset sales such as Glovo to satisfy regulators.
Who is involved: Key actors are Uber, Delivery Hero (including its indirect ownership of Glovo), SSW Partners (potential buyer of divested assets), and European competition authorities.
Likely next: Regulatory review will begin in the coming weeks, with possible remedies demanded; integration planning and any required divestitures will follow clearance.
Uber’s agreement to acquire Delivery Hero for approximately €12.7 billion builds on its existing indirect 36 % stake in the German food‑delivery group and would unite two of the continent’s largest platforms. The combined entity would command a market share that exceeds 30 % in several European countries, positioning it as the region’s dominant player in online food ordering. The scale of the transaction has already drawn the attention of EU competition authorities, who are likely to examine whether the merger would substantially lessen competition. Regulators may require remedies such as the divestiture of overlapping assets—Glovo being mentioned as a possible candidate—to address antitrust concerns. At the same time, Uber has signaled a strategic shift toward other businesses, including hotels and autonomous‑vehicle initiatives, and has faced legal setbacks in markets like Paris where it was found to have engaged in unfair commercial practices versus traditional taxis. Analysts also note that Uber has curtailed the expansion of its food‑delivery operations in Europe. Together, these factors suggest that, beyond securing regulatory clearance, the near‑term outlook will hinge on how quickly Uber can integrate Delivery Hero while addressing competition‑law demands and aligning the acquisition with its broader corporate priorities.
Timeline
- — Delivery Hero : l’offre de rachat d’Uber pour 12,7 milliards d’euros acceptée (Le Monde — Économie)
- — Delivery Hero accetta la fusione con Uber: la società che controlla Glovo valutata 13 miliardi (la Repubblica — Economia)
Analysis — what this means
Likely next events
- European Commission to open Phase I merger review by 2026‑08‑01.
- Uber to launch a formal tender offer for the remaining Delivery Hero shares at €41.50 per share by 2026‑07‑20.
- Delivery Hero to negotiate sale of Glovo to SSW Partners, targeting completion before regulatory decision.
- German Federal Cartel Office to issue preliminary assessment of market impact by mid‑August 2026.
Sectors affected
- Online food delivery
- Restaurant logistics
- Last‑mile delivery
- Glovo operations
Regulatory implications
- EU Merger Regulation review; possible remedies include divestiture of overlapping assets such as Glovo or regional delivery units.
- UK Competition and Markets Authority may examine cross‑border effects on the UK food‑delivery market.
- German Federal Cartel Office could require structural changes to prevent dominance in the German market.
Historical parallels
- Just Eat Takeaway’s acquisition of Grubhub in 2021, which also triggered EU antitrust scrutiny.
- Amazon’s attempted purchase of Deliveroo in 2020, blocked over competition concerns.
- Takeaway.com’s merger with Delivery Hero’s Dutch counterpart in 2020, cleared after concessions.
Contradictions
- Valuation discrepancy: Le Monde reports €12.7 billion while la Repubblica cites €13 billion for the deal.
Key entities
Sources
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