UBER · Uber Technologies, Inc.

Uber announced a transformative acquisition of Delivery Hero, a global leader in local food delivery and quick commerce. The all-cash offer of €41.50 per share implies an equity value of $14.8 billion, net of Uber's prior stakes. The transaction nearly doubles Uber's addressable delivery markets to 99 and adds 50 million potential cross-platform users. Strategic rationale includes expanding cross-platform engagement, deploying Uber's technology and advertising platform, and achieving over $1.2 billion in annualized synergies within 18 months. The offer is supported by Delivery Hero's boards and a key shareholder (Prosus), providing a clear path to majority control. Financing is secured via a €14.2 billion bridge facility, ensuring cash confirmation for German regulatory requirements. Uber expects the deal to be accretive to Non-GAAP EPS upon close and high-single-digit accretive by year three, while maintaining its investment grade profile. The concurrent sale of 14 overlap markets to SSW Partners for $1.6 billion addresses regulatory concerns and streamlines the portfolio. The transaction is subject to antitrust and financial regulatory approvals in multiple jurisdictions, with a long-stop date of May 2028. Completion is anticipated in H2 2027.