UBER Reportedly Eyeing €12.5B Delivery Hero Takeover To Challenge DoorDash

• Sources close to the talks told FT that the final terms and timing have not yet been confirmed and could still change.
• Uber first approached Delivery Hero in May with an initial offer of €33 per share.
• Uber’s rival DoorDash acquired Deliveroo in 2025 to expand its European footprint.

Uber Technologies (UBER) is reportedly preparing to buy German food delivery company Delivery Hero in a deal valued at around €12.5 billion as it seeks to challenge DoorDash in global markets.

The transaction is expected to be announced as early as Thursday, with Uber offering around €41 per share, the Financial Times reported, citing people familiar with the matter. Sources close to the talks told the FT that final terms and timing have not yet been confirmed and could still change.

Delivery Hero reportedly plans to sell its Turkish business, Yemeksepeti, and several European operations to an investment firm to reduce geographic overlap with Uber and lower the risk of competition concerns from regulators. Uber has also paused the launch of delivery services in five new European markets that overlap with Delivery Hero operations, the report noted.

UBER shares traded 1% higher at the time of writing.

Deal Context

Uber first approached Delivery Hero in May with an initial offer of €33 per share. Since then, Uber has built nearly 25% voting rights in the company through share purchases from Prosus and activist investor Aspex Management, FT noted.

The acquisition would strengthen Uber’s position in the Middle East by adding Talabat and Saudi Arabia’s HungerStation. It would also bring Delivery Hero’s South Korean platform Baemin into Uber’s portfolio, the report added.

The deal continues the recent wave of consolidation in global food delivery, following DoorDash’s takeover of Deliveroo and Prosus’s acquisition of Just Eat Takeaway.

DoorDash-Uber Rivalry

DoorDash remains the clear leader in the US food delivery market with roughly 65% share, significantly ahead of Uber Eats at around 23%. The two companies compete aggressively for restaurants, drivers, and customers through promotions, lower fees, and subscription programs such as DashPass and Uber One. DoorDash strengthened its position with its 2025 acquisition of Deliveroo, expanding its European footprint.

Uber CEO Dara Khosrowshahi highlighted the momentum in the delivery segment during the company’s Q1 2026 earnings call, noting that “Delivery grew 23%, led by grocery and retail and supported by strong retention.” He emphasized that Uber Eats remains in the “early innings,” with continued strong growth even in mature markets, and pointed to increasing cross-platform engagement as a key growth driver. Uber also sued DoorDash over alleged anti-competitive practices in white-label delivery services in 2025.

How Did UBER And DASH Retail Traders React?

On Stocktwits, retail sentiment around UBER and DASH stayed within the ‘bearish’ territory at the time of writing, while message volume was at ‘low’ levels.

According to data from Koyfin, the average analyst rating on both UBER and DASH is a ‘Strong Buy.’ However, Wall Street sees more upside on Uber.

While the 12-month average price target on the stock is $104.41, representing a potential upside of about 45% from the stock’s last close, the average price target on DASH is $246.18, representing a potential upside of 31% from the stock’s last close.

While UBER stock has fallen 11% year-to-date, DASH has lost 17%. 

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