Uber Technologies (UBER, Financials) has formally offered to buy Germany's Delivery Hero in a deal valued at about $14.8 billion.
The company is offering 41.50 in cash per share. The bid requires support from investors holding at least 50% plus one share of Delivery Hero's outstanding stock.
Uber already has a sizable position. It holds an economic interest of about 37%, including derivatives, while major shareholder Prosus has agreed to tender its roughly 17% stake.
Before the deal closes, Delivery Hero plans to sell operations in 14 markets to SSW Partners for about 1.4 billion. Those businesses generated roughly $11 billion in gross bookings last year.
Uber would take control of the remaining operations across about 50 markets, which produced close to $42 billion in gross bookings.
The purchase would give Uber far more scale in global food delivery and reduce its reliance on ride-hailing alone. Management expects the deal to lift adjusted earnings per share immediately and deliver high-single-digit percentage accretion by the third year.
The transaction is expected to close in the second half of 2027, subject to shareholder and regulatory approval.