Uber Technologies Inc. has agreed to buy Delivery Hero SE in a deal that values the German food-delivery company at $14.8 billion.
Uber offered to pay €41.50 ($47.60) a share and will acquire the bulk of Delivery Hero’s global business comprising 50 markets, the company said in a statement on Thursday, confirming an earlier Bloomberg News report.
It’s buying out significant Delivery Hero shareholder, Amsterdam-listed Prosus NV, as part of the deal.
As part of the deal, investment firm SSW Partners will acquire 14 markets for about $1.6 billion. SSW will find buyers for the assets, which include units in Austria, Norway, Spain, and Sweden, separately.
The food delivery market, which boomed during the Covid-19 pandemic and spawned dozens of players, has been rapidly consolidating in recent years. Uber has been making acquisitions overseas to strengthen its position internationally, where hometown rivals like DoorDash Inc. are making similar moves. DoorDash agreed to buy the UK’s Deliveroo Plc last year, while Prosus struck a deal to acquire Just Eat Takeaway.com NV.
Delivery Hero has been conducting a strategic review following pressure from shareholders, which include Aspex Management, the hedge fund that succeeded in ousting founder Niklas Östberg and has lobbied for more asset sales.
{{/usCountry}}Delivery Hero has been conducting a strategic review following pressure from shareholders, which include Aspex Management, the hedge fund that succeeded in ousting founder Niklas Östberg and has lobbied for more asset sales.
{{/usCountry}}SSW was co-founded by former Lazard Inc. banker Antonio Weiss as well as Quadrangle Group co-founder Joshua Steiner, who also serves as a board member of Bloomberg Inc.