Uber offers €33 a share for Delivery Hero after stake build

Uber submitted an indicative offer of €33 per share to acquire Delivery Hero, the Berlin-based food delivery company confirmed in a regulatory filing on Saturday. The proposed price is roughly 1.76% below Delivery Hero’s previous trading-day close. Delivery Hero said it will continue its ongoing strategic review and will disclose further details if and when appropriate.

Uber increased its holding in Delivery Hero from about 7% to approximately 19.5% on May 18, making it the company’s largest shareholder. The stake includes an additional 5.6% held through call options. At the €33 indicative price, the combined position is worth about €1.7 billion.

The stake build accelerated in April 2026 when Uber purchased a 4.5% block from Prosus for roughly €270 million. Uber previously indicated it did not intend to cross the 30% threshold that would trigger a mandatory public tender offer under German securities law. The €33 filing represents a formal step beyond that earlier position, and filings show Uber is working with advisers on ways to increase its stake and explore a path to a possible full bid.

Delivery Hero has been conducting a strategic review aimed at maximizing long-term shareholder value. That review has included consideration of a sale of Baemin, the company’s South Korean delivery platform. Delivery Hero also notified investors that founding chief executive Niklas Östberg will step down by March 31, 2027.

The regulatory filings note current market conditions, including easing geopolitical tensions that have supported risk appetite across European equities, and say those factors may affect how the board assesses timing and price relative to the company’s plans.

Uber’s approach follows its wider work on integrated delivery and payments. Company disclosures show Uber has separately examined stablecoin payment systems as part of its financial infrastructure efforts.