Uber Technologies is considering a full acquisition of Berlin-based Delivery Hero SE, a move that would dramatically reshape the global food delivery landscape. The company has steadily increased its stake in the German delivery platform to approximately 19.5% of issued capital, making it the single largest shareholder.
That stake was sitting at roughly 7% not long ago. The jump came after Uber purchased a 4.5% block from Prosus in April 2026 for €270 million, roughly $318 million. Since then, the company has been working with advisers and holding discussions with other Delivery Hero shareholders about further expanding its position.
From minority investor to potential acquirer
Here’s the thing about corporate takeovers in Germany: once you cross 30% ownership, you’re legally required to make a mandatory tender offer to all remaining shareholders. Uber has publicly stated it has “no intent” to breach that threshold.
The strategic relationship between the two companies stretches back to at least 2024. That May, Uber agreed to acquire Delivery Hero’s foodpanda operations in Taiwan for $950 million. Alongside that deal, Uber made a $300 million equity investment directly into Delivery Hero.
