SEOUL — In a monumental move set to redefine the global quick-commerce and food delivery sectors, Uber Technologies Inc. has officially entered into a definitive business combination agreement to acquire its German rival, Delivery Hero SE (DH), for an estimated enterprise value of €13 billion (approximately KRW 22 trillion). The massive all-cash transaction secures Uber’s absolute dominance across major international markets, consolidating two of the world's largest digital delivery networks under a unified corporate umbrella.
Under the terms of the agreement announced on July 16, 2026 (local time), Uber will launch a voluntary public tender offer to acquire all outstanding shares of Delivery Hero at a price of €41.50 per share in cash. When adjusting for the approximately 37% equity stake that Uber had previously amassed as DH’s largest shareholder earlier this May, the adjusted net transaction value stands at approximately $13.7 billion. The boards of management and supervisory directors of Delivery Hero have unanimously signaled their support for the tender offer, advising shareholders to accept the terms.
Dara Khosrowshahi, Chief Executive Officer of Uber, emphasized the massive structural advantages of the consolidation. "By integrating these two highly complementary platforms, we will deliver unparalleled, seamless convenience to millions of consumers, merchants, and couriers within the world's most dynamic and high-growth economic corridors," Khosrowshahi stated. "This milestone transaction effectively doubles the number of geographic markets where we provide leading mobility and delivery services. Leveraging our proven technology stack will allow us to scale rapidly, creating tremendous long-term value for our global customers and shareholders alike."
To preemptively address stringent antitrust scrutiny and regulatory hurdles from international competition authorities, Uber and Delivery Hero have proactively structured a comprehensive restructuring plan. Delivery Hero will divest its operations across 14 overlapping countries throughout Europe and Latin America to the prominent U.S.-based private equity and investment firm, SSW Partners, for approximately €1.4 billion. The divestiture encompasses regional divisions including Turkey’s Yemeksepeti, alongside operations in Austria, Chile, Cyprus, the Czech Republic, Ecuador, Greece, Moldova, Norway, Poland, Portugal, Romania, Spain, and Sweden.
Crucially, South Korea’s undisputed market leader, Woowa Brothers—popularly known as Baemin—has been explicitly excluded from the divestment package. Upon the successful closing of the transaction, Baemin will remain firmly anchored within the newly restructured corporate group under Uber's stewardship. This pivotal decision effectively brings an end to the highly publicized external sell-off process that had been actively managed by JP Morgan, stabilizing Baemin’s long-term corporate governance and mitigating market uncertainty.
Uber took the opportunity to reaffirm its unwavering commitment to South Korea, characterizing the nation as one of its most vital strategic hubs globally. "Uber holds the competitive excellence, cultural impact, and immense value that Baemin has cultivated over the past decade in the highest regard," an official statement from Uber read. "We are genuinely thrilled to partner with the local management team to foster continuous, sustainable growth. South Korea represents a core, indispensable pillar of Uber’s global delivery framework, and our long-term commitment to investing heavily in the Korean marketplace remains absolutely steadfast."
Addressing potential concerns from local stakeholders regarding operational disruptions or corporate restructuring, Uber explicitly outlined a vision focused on stability and ecosystem support. The Silicon Valley giant underlined that its immediate, top-tier priority remains ensuring absolute operational continuity and resilient growth for Baemin. Uber committed to expanding capital injection and tech-driven infrastructure investments for the core pillars of the delivery network: the thousands of small business owners, restaurant partners, and local delivery couriers who drive the digital platform economy daily, ensuring sustainable growth and stable revenue opportunities.
The blockbuster transaction is subject to standard regulatory approvals, including foreign direct investment clearances and antitrust evaluations in multiple jurisdictions. Given the intricate layout of the pre-sale divestures, both Uber and Delivery Hero anticipate the transaction will officially conclude in the second half of 2027.
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