Uber’s acquisition of Delivery Hero for €13bn is a heroic bet on revenue synergies that rarely materialise. Even after a $1.6bn side deal to shed 14 markets, the combined entity would earn only about a 5% return on 2027 profit forecasts.

Uber argues it can add $1.2bn to Delivery Hero’s operating profit—roughly 30% of its expenses—by sharing IT, cutting headcount, and cross‑selling rides to Delivery Hero’s food‑delivery users in places like South Korea and the Middle East where Uber currently offers only rides.

The company cites data showing cross‑platform users generate 3 times the gross bookings and profit of single‑product users, the core of the “super app” thesis. Yet such all‑in‑one apps have only thrived in Asia, with Grab and WeChat as rare examples.

As consumer tech consolidates, the FT warns that revenue synergies remain suspect, but super‑app synergies may be less fanciful than usual.