Delivery Hero closed 5.76% higher at €39.10 on Tuesday after confirming it is in advanced negotiations with Uber Technologies over a potential takeover, with Bloomberg reporting an agreement could come as soon as this week.

The Berlin-based food-delivery operator, up about 62% year-to-date, said any potential bid would extend to all shareholders. The company declined to comment on the indicative price range.

What is Uber offering for Delivery Hero?

Bloomberg reported a deal would value Delivery Hero at well above its recent trading price of around €36 per share. Any offer above that level would push market capitalisation past its current €11.2 billion. Uber shares fell nearly 2% on the New York Stock Exchange after the confirmation.

The talks follow an initial approach in May, when Uber offered €38 per share — a price investors viewed as too low, according to media reports. Reuters disclosed in late May that Uber had lifted its holding in Delivery Hero to nearly 37% from 25%, purchasing shares from fellow shareholder Aspex Management.

Delivery Hero declined further comment. Uber declined to comment.

Why does Uber want Delivery Hero?

Acquiring Delivery Hero would widen the Uber Eats network across Europe, the Middle East, Asia and Latin America — regions where Delivery Hero's local brands already serve high-volume urban markets. A takeover arrives as slowing top-line growth and aggressive discounting force food-delivery operators to pursue scale and improve unit economics.

Uber has expanded beyond ride-hailing into grocery, travel and local commerce, including a hotel-booking function launched earlier this year. In 2025, Uber pushed food delivery into seven new European markets — Austria, Denmark and Norway among them — with management targeting an extra $1 billion in gross bookings over three years.

What antitrust hurdles apply?

Combined Uber Eats and Delivery Hero operations would trigger close scrutiny from EU and UK competition authorities, with overlap in Spain, Germany and the Nordics drawing the heaviest review. Middle Eastern regulators would also assess the combined footprint in the Gulf, where Delivery Hero's Talabat platform holds a leading position.

Recent precedent includes EU oversight of delivery consolidation deals in Spain and the wider bloc. Hospitality operators running multi-market delivery contracts should expect renegotiation of commercial terms should the deal close, given consolidated platforms tend to tighten commission structures and reduce promotional allowances.

What happens next?

A binding Uber offer would trigger mandatory disclosures under the German Securities Trading Act and Germany's takeover code, alongside a formal EU merger filing with the European Commission's Directorate-General for Competition. Phase II review remains the base case given the combined share of the European food-delivery market, pushing expected closing well into 2026 even on a negotiated timetable.