Uber Makes Indicative €33 Per Share Offer to Acquire Delivery Hero

Uber Technologies has submitted an indicative offer of €33 per share for Delivery Hero SE, the Berlin-based food delivery group confirmed in a regulatory filing on Saturday.

The proposed price sits approximately 1.76% below Delivery Hero’s closing price on Friday, according to LSEG data. Delivery Hero said it will continue its ongoing strategic review process and communicate further details if and when appropriate.

Uber’s Stake Build and Path to a Full Bid

Uber’s approach follows its rapid expansion in Delivery Hero over recent weeks.

The ride-sharing and delivery giant, which has separately explored stablecoin payment systems as part of its financial infrastructure push, increased its holding from roughly 7% to approximately 19.5% of issued capital on May 18, becoming the company’s largest shareholder.

The stake, which includes a further 5.6% in call options, is worth around €1.7 billion based on the indicative offer price.

The stake build accelerated in April 2026, when Uber acquired a 4.5% block from Prosus for approximately €270 million. Uber had at that point stated it had no intention of crossing the 30% threshold that would trigger a mandatory public tender offer under German securities law.

The indicative offer filed Saturday represents a formal step beyond that earlier position.

Strategic Review and Leadership Transition

Delivery Hero has been conducting a strategic review to deliver long-term shareholder value. A key component is reported interest in selling Baemin, its South Korean platform, at a time when Asian equity markets have strengthened considerably.

Founding Chief Executive Niklas Östberg confirmed he will step down by March 31, 2027.

The deal also takes shape against a broader macro backdrop. Easing geopolitical pressures have supported risk appetite across European equities in recent weeks, which may factor into how Delivery Hero’s board assesses the offer’s timing relative to the company’s long-term value.

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