Uber Technologies has agreed to buy German peer Delivery Hero in an acquisition valued at $14.8 billion. It's Uber's biggest acquisition yet but wasn't doing much for the stock Thursday.

Uber is offering 41.50 euros a share in cash for Delivery Hero, the companies said on Thursday. That represents an equity value of $14.8 billion for the whole company but a purchase price of $13.7 billion after adjusting for Uber's previous purchases of shares.

The company is acquiring Delivery Hero's operations in 50 markets, which generated $42 billion of gross bookings last year. Delivery Hero's operations in a further 14 markets -- largely those where its business overlaps with Uber -- are being sold to New York-based investment firm SSW Partners for about $1.6 billion.

Uber expects the deal to add to its adjusted earnings immediately, rising to a high-single-digit percentage addition by the third year of the combination, which is expected to close in the second half of 2027.

Delivery Hero stock was up 1.6% at EUR38.80 in local trading in Germany. Uber shares were up 0.5% at $73.00 in Thursday's U.S. premarket.

The muted reaction might be due to the fact the deal isn't much of a surprise. Uber made a previous offer for Delivery Hero of around $11.6 billion and has been building its stake in the company for weeks.

Uber stock is down 20% over the past 12 months, with shareholders more interested in its ride-hailing business -- especially its expansion into autonomous vehicles and robo-taxis. Uber doesn't have its own self-driving cars but has positioned itself as an aggregator of supply and demand for its AV partners. The company added partners such as Rivian Automotive and Zoox in the first quarter.

Write to Adam Clark at adam.clark@barrons.com

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July 16, 2026 07:55 ET (11:55 GMT)

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