Germany-based food delivery company Delivery Hero confirmed that it had received an approach from Uber Technologies regarding a potential takeover offer, a development that immediately reignited investor speculation around consolidation in the global food delivery sector.
The company said Uber submitted an indicative, non-binding proposal valued at €33 per share.
The proposal values Delivery Hero at roughly $11.3 billion (€10 billion).
Delivery Hero said the company remains focused on its ongoing strategic review process, while discussions surrounding Uber’s proposal remain preliminary.
The announcement sparked a strong market reaction, with Delivery Hero shares climbing in Frankfurt trading and moving above Uber’s proposed €33-per-share offer price. The gains reflected growing investor optimism surrounding the potential deal.
Market Attention Turns to Strategic Assets
The market response reflected more than just optimism around a takeover premium. Investor attention has increasingly shifted toward the strategic value of Delivery Hero’s international operations, particularly its Middle East business Talabat.
Talabat has become one of the most recognizable food delivery platforms across the Gulf region, operating in markets including the United Arab Emirates, Kuwait, Qatar, Bahrain, Oman, Jordan, and Egypt.
Its regional footprint has helped position Delivery Hero as a major player outside Europe at a time when food delivery companies are seeking profitable growth rather than aggressive geographic expansion at all costs.
The renewed takeover speculation also comes amid a broader shift in the delivery industry, where companies are increasingly prioritizing scale, logistics efficiency, advertising revenue, and subscription ecosystems.
Uber already operates Uber Eats globally and has steadily expanded its delivery business beyond restaurants into groceries, convenience items, and retail delivery services.
An acquisition of Delivery Hero could significantly strengthen Uber’s position across Europe, the Middle East, Asia, and parts of Latin America, where Delivery Hero already maintains established operations.
Uber Tightens Its Grip on Delivery Hero
The takeover discussions gained additional momentum after Reuters reported that Uber had raised its stake in Delivery Hero to 24.99%.
Regulatory filings showed Uber increased its ownership position just days after Delivery Hero publicly acknowledged the takeover approach.
The 24.99% threshold is notable because it keeps Uber just below the level that could potentially trigger additional regulatory obligations under German takeover rules.
The decision nevertheless signaled that Uber is deepening its strategic exposure to Delivery Hero while discussions continue.
Talabat Remains Central to the Conversation
A significant portion of investor attention has centered on Talabat’s role within Delivery Hero’s broader portfolio.
The Middle East delivery platform has become one of the company’s strongest-performing assets, benefiting from relatively high digital adoption rates, strong urban demand, and growing interest in quick-commerce services across Gulf markets.
Talabat’s strategic value has also intensified following its public listing on the Dubai Financial Market earlier this year, which gave investors greater visibility into the scale of the business and its regional growth profile.
Scale and Profitability Reshape the Sector
The latest developments highlight the continuing pressure facing global food delivery companies several years after the pandemic-driven surge in demand.
During the COVID-19 period, delivery platforms expanded rapidly as lockdowns accelerated consumer reliance on app-based ordering. However, rising interest rates, inflation, higher labor costs, and slowing consumer spending later forced many companies to focus more heavily on profitability and operational discipline.
The result has been a wave of consolidation attempts across the industry.
Large technology and delivery firms are increasingly seeking acquisitions that can strengthen market share, improve logistics networks, and reduce overlapping operational costs.
Meanwhile, regulators in Europe and other regions continue to closely examine major technology transactions, particularly those involving dominant digital platforms.
Any formal acquisition attempt involving Uber and Delivery Hero would likely face detailed regulatory scrutiny given the scale of both companies’ delivery operations across multiple markets.
