U.S. company Uber Technologies Inc. has reached an agreement to acquire German food delivery service Delivery Hero SE, under which Uber will become the owner of Glovo's Ukrainian business.
Uber will pay EUR 41.5 per share of the German company, according to a joint press release. This values Delivery Hero at approximately $14.8 billion. The deal was unanimously approved by the boards of directors of both companies.
According to the release, Uber will also acquire Glovo's business in Armenia, Bosnia and Herzegovina, Bulgaria, Côte d'Ivoire, Croatia, Georgia, Italy, Kazakhstan, Kenya, Kyrgyzstan, Montenegro, Morocco, Nigeria, Serbia, Tunisia and Uganda.
At the same time, New York-based investment firm SSW Partners will acquire Glovo's business in neighboring Moldova, Poland and Romania, as well as in Portugal and Spain.
In total, Uber will retain Delivery Hero's business in 50 countries, with a gross order volume of $42 billion in 2025, while operations in 14 other countries worth $11 billion, including Austria, Greece, Spain, Norway, Poland, Portugal and Sweden, will be sold to SSW Partners for $1.6 billion. SSW later plans to sell these assets separately.
As reported, Uber already directly owns 24.77% of Delivery Hero shares and controls another 11.74% of the company through financial instruments. Investment firm Prosus NV owns 17% of the shares and has already agreed to sell its entire stake to Uber.
Uber's management has promised to keep Delivery Hero's headquarters in Berlin and not to cut staff at least until 2029. The company also intends to invest EUR 2 billion in Germany over the next five years.
Uber said that following the deal, its mobility and delivery platform would expand to 99 markets, with a combined gross bookings volume of $236 billion in 2025, according to preliminary data.
Uber shares rose 0.3% at the opening on Thursday, while Delivery Hero shares gained 0.2%. Since the beginning of this year, Delivery Hero's market capitalization has increased by 68% to EUR 11.6 billion.
