Uber has formally agreed to acquire Delivery Hero in a $14.8 billion all-stock transaction, a move that would catapult the ride-hailing giant into nearly 100 markets across Europe, the Middle East, Latin America, and Asia. The deal, which follows weeks of speculation, marks one of the largest consolidations in the food delivery industry. Main Developments Under the terms announced, Uber will acquire Delivery Hero, with a minimum acceptance threshold set at 50% plus one share of the German company's outstanding share capital. Prosus, a major Delivery Hero shareholder holding a 17% stake, has already agreed to sell its shares as part of the deal. In a separate but concurrent agreement, Delivery Hero will sell its operations in 14 markets—where Uber Eats already competes—to New York-based investment firm SSW Partners for $1.6 billion. This carve-out is designed to address potential antitrust concerns by reducing market overlap. Read also: X Targets Content Theft With AI Detection and Revenue Redistribution Uber CEO Dara Khosrowshahi stated that the combined entity would "nearly double the number of markets where we offer both mobility and delivery services," emphasizing long-term value creation for customers and shareholders. The acquisition is subject to regulatory approval and the tender of sufficient shares. Background Uber was already Delivery Hero's largest shareholder before the acquisition, giving the company deep insight into the German firm's operations and market positions. Delivery Hero, headquartered in Berlin, has built a sprawling network across dozens of countries, many of which are outside Uber's current strongholds. The deal comes amid intense global competition in food delivery, with DoorDash dominating North America and Just Eat holding significant ground in Europe. Uber's existing Eats platform has been a key growth driver for the company, but expanding into new regions organically has proven slow and expensive. Why It Matters If completed, the acquisition would instantly position Uber's delivery platform as the largest outside of China, surpassing many regional players. The expanded footprint would allow Uber to cross-sell its mobility and delivery services in dozens of new markets, potentially increasing user engagement and revenue per customer. Regulatory scrutiny is almost certain, given the sheer scale of the deal and the potential for reduced competition in overlapping markets. Antitrust regulators in Europe and elsewhere will examine whether the carve-out of 14 markets to SSW Partners sufficiently addresses competitive concerns. What's Next The tender offer period will determine whether Uber secures the required 50% plus one share of Delivery Hero's capital. If the threshold is met, the deal will proceed to regulatory reviews in multiple jurisdictions. The outcome of the SSW Partners carve-out will also be closely watched, as it shapes the competitive landscape in those 14 markets.