Uber is nearing a deal to acquire Delivery Hero for approximately €12.5bn, a move that would further consolidate the global food delivery market. The German company is expected to announce the transaction soon, with Uber reportedly offering around €41 per share.

To address potential regulatory concerns regarding competition, Delivery Hero plans to sell its Turkish arm, Yemeksepeti, and several European businesses to a US investment firm. This strategic divestment aims to reduce geographic overlap with Uber's existing operations.

The acquisition would significantly bolster Uber's presence in the Middle East, through brands like Talabat and Hunger Station, and in South Korea with Baemin. This follows a period of intense consolidation in the sector, with recent deals including DoorDash's acquisition of Deliveroo and Prosus's takeover of Just Eat Takeaway.

Uber has been in discussions with Delivery Hero since May, initially offering €33 per share. The company's founder and CEO, Niklas Östberg, is slated to depart by March 2027. Uber has progressively increased its stake in Delivery Hero, now controlling nearly 25% of its voting rights, which helps prevent rival bids. Uber had previously paused expansion into several European markets where Delivery Hero operates, potentially to facilitate regulatory approval.