Uber Buys an Additional 4.5% Stake in Delivery Hero for €270M, Bringing Its Total Stake to ~7%
Uber has agreed to purchase an additional 4.5 percent stake in Delivery Hero, the German food delivery company behind brands including Talabat, Foodora, and PedidosYa, from major shareholder Prosus for approximately €270 million. The deal would bring Uber's total stake in Delivery Hero to approximately 7 percent, deepening its exposure to one of Europe's largest food delivery operators.
Why Prosus Is Selling
The Financial Times reported that Prosus — the Dutch technology investment company that is one of Delivery Hero's largest shareholders — agreed to reduce its stake due to European Union competition concerns. As a major shareholder in multiple food delivery companies across different markets, Prosus faces regulatory scrutiny about the competitive dynamics of its overlapping holdings.
Selling a portion of its stake to Uber — which is itself a food delivery competitor in some markets but a strategic partner in others — resolves some of that regulatory pressure while generating capital for Prosus's broader investment portfolio.
Uber's Food Delivery Strategy
Uber's stake-building in Delivery Hero is part of a broader pattern: the company has been acquiring minority stakes in food delivery operators in markets where it doesn't operate directly, rather than building from scratch or through full acquisitions. This allows Uber to participate in food delivery economics globally without the operational complexity and capital requirements of running local delivery businesses.
Uber Eats operates directly in dozens of markets, but Europe is fragmented, with strong local players like Delivery Hero's brands, Just Eat Takeaway, and others occupying dominant positions in different countries. A 7 percent stake in Delivery Hero gives Uber economic exposure to that network without triggering the antitrust review that a full acquisition would likely face.
Delivery Hero's Position
Delivery Hero has been working to streamline its portfolio after a period of aggressive expansion, selling or winding down operations in some markets while strengthening its position in core geographies like the Middle East (through Talabat) and parts of Asia. The Prosus stake sale to Uber doesn't change Delivery Hero's operations but does shift its shareholder mix toward a major strategic partner.
The Bottom Line
Uber is incrementally building its position in European food delivery through financial stakes rather than direct operations. At €270M for 4.5 percent, it's a calculated bet that Delivery Hero's long-term value justifies patient minority ownership.
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