UBER TO ACQUIRE DELIVERY HERO FOR $14.8B

Under the agreement, Delivery Hero shareholders will receive one Uber share for every two Delivery Hero shares held. The deal is expected to close in late 2024, subject to customary closing conditions and regulatory approvals. Delivery Hero operates across more than 70 countries and territories, serving millions of customers through its portfolio of brands. The company has established significant market positions in regions including Asia-Pacific, Europe, and Latin America where Uber Eats has a lighter footprint. The acquisition strengthens Uber's food-delivery business globally. Uber Eats generated $36.2 billion in gross bookings in 2023 and has become a core revenue driver for the company. The combination with Delivery Hero's international operations creates opportunities to expand market reach and achieve operational efficiencies. Delivery Hero, founded in 2011, went public on the Berlin and Frankfurt stock exchanges. The company has faced competitive pressures in various markets and has been divesting operations in certain regions in recent years. The sale to Uber provides an exit for investors and clarity on the company's strategic direction. The deal requires approval from Delivery Hero shareholders and regulatory authorities in multiple jurisdictions. Regulators in key markets will likely scrutinize the transaction given the consolidated nature of the food-delivery sector in various regions. Financial advisors on the transaction include major investment banks. Both companies have committed to working with regulators to secure necessary approvals. The acquisition aligns with Uber's strategy of building scale in international markets where it competes with local and global players. Integration of Delivery Hero's operations and technology platforms will be a key focus following deal closure.