Uber made an indicative offer to acquire Delivery Hero, the German home delivery platform, in a deal that would value the Berlin-based company at around 10 billion euros, about 11.6 billion dollars.
Delivery Hero confirmed that it received a proposal from Uber at 33 euros per share and noted that it remains focused on executing its strategic review process. The initial offer was rejected by some investors who demanded a price above 40 euros per share.
Uber responded by accelerating its shareholding position. It purchased the stake from Aspex Management and raised its total holding to 36.83%, with voting rights of 24.99%, just below the 30% threshold that under German law would require launching a mandatory public takeover offer. For that additional stake, Uber paid around 40 euros per share, valuing Delivery Hero at about 12 billion euros.
Bloomberg Intelligence analysts estimated that Delivery Hero could reach between 15 and 18 billion dollars in a transaction with Uber, which would significantly expand the reach of the American company in emerging markets. Delivery Hero operates in Europe, the Middle East, Asia, and Latin America through various delivery and quick commerce brands and subsidiaries.
The internal context of Delivery Hero also adds pressure. Its co-founder and CEO Niklas Östberg announced his departure amid demands from activist shareholders calling for improvements in profitability and a strategic review. The company has recorded recurring losses in recent years despite maintaining high business volumes.
DoorDash also expressed interest in Delivery Hero, adding a competitive dimension to the negotiations and potentially pressuring Uber to improve its offer. Any potential acquisition would also face significant regulatory scrutiny, as both companies operate in numerous markets with simultaneous presence, especially in Europe.
From the perspective of next+, the most relevant impact of this operation for the region is direct: Delivery Hero operates in Latin America through PedidosYa, one of the leading delivery platforms in markets such as Argentina, Uruguay, Chile, Peru, Ecuador, Paraguay, and Bolivia. If Uber finalizes the acquisition, it would absorb that network of users, operators, and local logistics that PedidosYa has built over the years, consolidating a dominant position in the region that is currently fragmented among several players.
For Latin American brands, restaurants, and retailers operating on these platforms, the scenario implies less competition among intermediaries, which historically translates to less negotiation power, higher commissions, and lower operational flexibility. Consolidation may generate efficiencies for the end consumer in terms of experience but concentrates power in a single operator capable of dictating conditions in markets where digital delivery is already a critical infrastructure of everyday consumption.