Uber has announced the acquisition of an approximately 4.5% stake in German food delivery platform Delivery Hero SE from Dutch investment group Prosus SE for €270 million (approximately $318 million). The transaction, priced at €20 per share, represents a premium of about 22% to Delivery Hero's one-month volume-weighted average price up to April 16. Following the sale, Prosus's stake in Delivery Hero has decreased from 26.3% to 21.8%.
The deal is part of Prosus's effort to fulfill a commitment made to the European Commission in 2025 regarding antitrust regulations. In February 2025, Prosus announced the full-cash acquisition of European food delivery giant Just Eat Takeaway for €4.1 billion (approximately $4.3 billion), making it the world's fourth-largest food delivery group. However, Prosus already held a 27.4% stake in Delivery Hero prior to the acquisition. Since Just Eat Takeaway and Delivery Hero are direct competitors in key markets such as Germany, where Just Eat Takeaway holds about 70% market share, the European Commission required Prosus to reduce its stake in Delivery Hero to below 10% as a condition for approving the Just Eat Takeaway acquisition. The sale of a 4.5% stake to Uber is a key step in meeting this regulatory requirement. Prosus is expected to continue reducing its holdings in the future.
For Uber, the transaction represents an opportunity to acquire a strategic asset at a reasonable price. Although the 22% premium appears high, the purchase was made during a limited window of opportunity due to regulatory pressures on Prosus to divest. Delivery Hero is a major player in the European food delivery market, operating in over 70 countries with a market capitalization of around $6 billion. By investing $318 million for a 4.5% stake, Uber is strengthening its strategic ties with Delivery Hero at a relatively low cost compared to its own market value.
Additionally, Uber may be betting on a valuation recovery for Delivery Hero. Barclays maintains an "overweight" rating on the stock with a target price of €39.40. If Delivery Hero's share price rebounds to this target, Uber's investment could nearly double in value. Delivery Hero's stock has recovered somewhat since its November 2025 lows but remains well below its pandemic-era peak. Uber's investment could serve as a catalyst for further valuation improvement.
The move also reflects Uber's strategy of forming non-controlling alliances to navigate industry consolidation. The European food delivery market is experiencing significant consolidation, with DoorDash acquiring UK-based Deliveroo for £2.9 billion in 2025 and Prosus acquiring Just Eat Takeaway for $4.3 billion. Rather than pursuing a full acquisition, Uber is deepening its partnership with Delivery Hero through this equity investment. The two companies already have a strategic collaboration, with Delivery Hero integrating certain international operations into Uber's platform. This equity stake further solidifies their alliance, allowing Uber to maintain a strategic foothold in Europe without the high costs and regulatory scrutiny associated with a full takeover.