Uber acquires Delivery Hero in global expansion push
While Delivery Hero no longer operates within Germany after previously selling its domestic operations to Just Eat Takeaway, it maintains a massive international footprint.
BERLIN - United States (US) ride-hailing giant Uber on Thursday announced a multibillion-euro deal to acquire Germany's Delivery Hero as it seeks to expand its presence in the global food delivery market.
Under the agreement, Uber is offering €41.50 (US$47.60) per Delivery Hero share, valuing the Berlin-based company at around US$14.8 billion.
Before the deal, Uber held a stake of just under 25 per cent in Delivery Hero, along with financial instruments representing nearly another 12 per cent.
The transaction was made possible after Delivery Hero's largest shareholder, Dutch investment company Prosus, agreed to sell its stake of almost 17 per cent.
Prosus had committed to divest the holding as part of its acquisition of Delivery Hero rival Just Eat Takeaway, the latest deal in a wave of consolidation across the global food delivery market.
Although Delivery Hero no longer operates in Germany after selling its domestic business to Just Eat Takeaway, it remains one of the world's largest food delivery companies, with a strong presence across Asia, Southern Europe, the Arabian Peninsula and Africa.
San Francisco-based Uber also operates its own food delivery platform, Uber Eats, including in many German cities. - BERNAMA
Download Sinar Daily application.Click Here!
