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.

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. Meanwhile, 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.

BACKGROUND- Talabat floated 20% on the DFM in December 2024, raising USD 2 bn and valuing the company at some USD 10.1 bn. Its most recent numbers show why Uber sees value in the platform: gross merchandise value of USD 2.7 bn in 1Q this year, up 19% y-o-y, revenue up 23% to USD 1 bn, and net income of USD 86 mn, with FY 2026 net income guidance raised to USD 300-330 mn.

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.

Market reax: Talabat's shares fell 0.8% on the news.