Uber agreed on Thursday to buy Germany's Delivery Hero at an equity value of $14.8 billion to create the largest food-delivery group outside China and stave off intensifying competition from US and European rivals.

Uber's $11.6B bid for Delivery Hero could reshape global food delivery and create new opportunities for crypto payment integration in emerging markets.

Delivery Hero confirmed on Tuesday that it is engaged in discussions with the ride-hailing and food-delivery behemoth regarding a potential takeover offer