Uber’s USD 14.8 bn bid for Delivery Hero set to hand it indirect control of DFM-listed Talabat

Talabat is about to have a new parent: Uber. Uber launched a takeover bid for Delivery Hero, the German parent of DFM-listed Talabat, offering EUR 41.50 per share in a transaction that values Delivery Hero’s equity at USD 14.8 bn, or USD 13.7 bn once you account for the stake Uber already owns, according to a press release. The takeover would create the world’s largest food-delivery platform outside China.

Control without ownership: If the offer closes, Uber will become Talabat’s ultimate controlling shareholder — but only indirectly. Delivery Hero will keep its wholly owned 80% stake in Talabat through its Delivery Hero MENA subsidiary, Talabat said in a DFM disclosure (pdf). The 20% DFM investors bought into at Talabat’s December 2024 IPO doesn’t move. Uber is not buying the MENA business directly, and it isn’t buying out public shareholders.

What Uber gets — and what it doesn’t: The company would take over Delivery Hero's operations across 50 markets, which generated USD 42 bn in gross bookings last year. Delivery Hero is separately selling the remaining 14 markets, worth USD 11 bn in bookings, to US investment firm SSW Partners for nearly USD 1.6 bn.

The brand stays, for now: Talabat has confirmed its operations, strategy, leadership, and DFM listing stay unchanged. Uber’s own announcement talks up the value of Delivery Hero’s local brands — a signal it currently sees more upside in keeping the Talabat name than folding it into the Uber app.

Why Uber can pull this off: Uber already controls the acquisition’s outcome before shareholders even vote. It directly owns around 24.8% of Delivery Hero and holds further economic exposure through derivatives. Prosus — required to sell down its stake as an EC remedy from its Just Eat Takeaway acquisition — has irrevocably committed to tender its shares, bringing Uber’s total economic interest to roughly 53%. That clears the offer’s 50%-plus-one acceptance threshold well before independent shareholders weigh in. Delivery Hero’s management and supervisory boards have already unanimously backed the acquisition.

The bottom line

What this means: For Uber, the acquisition is a shortcut to a much larger global delivery network and a chance to connect mobility, food, grocery, retail, subscriptions, and advertising across the same customer base. For Talabat, the immediate change is limited to its ultimate parent — at least for now.

Uber plans to fund the takeover using existing liquidity and new debt and has secured a EUR 14 bn bridge facility. The company has also committed to retaining Delivery Hero’s Berlin workforce and headquarters until at least 2029 and investing EUR 2 bn in Germany over five years.

What’s next: The takeover is expected to close in 2H 2027, subject to the minimum acceptance threshold and regulatory clearances.

The regional + global angles

Same turf, new owner: In the region, Delivery Hero’s portfolio includes Talabat in Egypt, the UAE, Kuwait, Qatar, Bahrain, Oman, Jordan, and Iraq, alongside HungerStation in Saudi Arabia. Buying the group would give Uber established positions across key markets.

BACKGROUND- Delivery Hero floated 20% of Talabat on the DFM in December 2024, raising USD 2 bn and valuing the company at some USD 10.1 bn. It retained the remaining 80% through a wholly owned subsidiary — a stake it will continue to hold after the takeover, while the remaining shares would continue to be held by DFM investors. The ownership chain would therefore run from Uber through Delivery Hero and Delivery Hero MENA (the subsidiary) to Talabat, according to a separate disclosure.

Uber’s Egypt return? The takeover would bring Uber back into Egypt’s food-delivery market six years after it shut down Uber Eats locally. Rather than rebuilding its own platform, Uber would gain control of Talabat’s established customer base, restaurant network, and courier operation. Talabat’s Egyptian business traces its roots to Otlob, which became part of Delivery Hero before being rebranded as Talabat in 2020.

The transaction is the latest move in a global food-delivery consolidation wave. DoorDash acquired Deliveroo for GBP 2.9 bn, extending its footprint into Europe and the Middle East. Wonder acquired Grubhub for USD 650 mn after Just Eat Takeaway had paid USD 7.3 bn for the company in 2021, followed by Prosus acquiring Just Eat Takeaway.