Uber Technologies lifted its stake in Delivery Hero to 37% by acquiring shares from an undisclosed major investor, likely the activist fund that has been circling the Berlin-based platform since Q2 2023. The transaction size was not disclosed, but based on Delivery Hero's current market capitalization of roughly €9.8 billion, Uber deployed at least €450 million to cross this threshold. The activist exits cleanly. Uber stays.
The move follows Uber's initial 8% position announced in March 2022, when it traded its food delivery operations in Germany, Sweden, and several emerging markets to Delivery Hero in exchange for equity. That swap was structured as a non-dilutive stake at a €5.2 billion enterprise value. Uber has since added incrementally through open-market purchases and private block trades. This latest acquisition marks the third time Uber has crossed a reporting threshold in Germany's disclosure regime, and the first time it has done so without issuing a public filing in the United States.
The control implications are narrow but real. At 37%, Uber does not control Delivery Hero's board or day-to-day operations, but it does hold a blocking minority under German corporate law for decisions requiring a 75% supermajority—mergers, asset sales, and capital restructurings. Delivery Hero operates in 70+ countries, with dominant positions in the Middle East, Southeast Asia, and Latin America, markets where Uber Eats either exited or never entered. The platform generated €10.7 billion in gross merchandise value in Q1 2024, roughly 60% of Uber Eats' comparable figure, but at a 22% lower take rate. That gap reflects the margin pressure of last-mile logistics in fragmented, low-density markets.
For allocators, the question is not whether Uber wants full control—it almost certainly does—but whether Delivery Hero's public shareholders will accept a premium that reflects the platform's strategic value rather than its standalone cash flows. Delivery Hero trades at 1.1x forward revenue, a 40% discount to Uber's 1.8x multiple, despite operating in faster-growing geographies. The discount reflects execution risk, regulatory headwinds in South Korea and Taiwan, and a history of unprofitable expansion. Uber's thesis is that it can extract 200-300 basis points of EBITDA margin by consolidating backend logistics, vendor negotiations, and cloud infrastructure. That improvement would justify a takeout price in the €12-14 billion range, or roughly €42-48 per share, a 25-35% premium to the current €34 close.
The timeline for a formal offer depends on two variables: Delivery Hero's ability to reach adjusted EBITDA breakeven in its Middle East and Asia segments by year-end 2025, and whether German antitrust authorities signal tolerance for a sector rollup. The Bundeskartellamt has historically blocked horizontal consolidation in digital platforms, but Uber's positioning as a cross-border acquirer—rather than a domestic competitor—may shift the analysis. If Delivery Hero posts two consecutive quarters of positive free cash flow, expect Uber to move before a competing bid from a SoftBank-backed consortium or a strategic acquirer in the Gulf materializes.
The activist who sold into this block was likely Cevian Capital or Ennismore Fund Management, both of which took positions in Delivery Hero during its 2023 valuation trough and advocated for cost discipline and geographic exits. Their departure removes the pressure for a near-term breakup or portfolio rationalization. Uber now holds the only meaningful outside stake. The exit ramp is closing.
The takeaway
Uber owns **37%** of Delivery Hero and removed the activist. The only question left is takeout price and timing.
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