Uber nears €12.5bn Delivery Hero deal with Turkish and European carve-out
Food delivery as a sector has spent the better part of recent years searching for the scale that justifies its capital base. Uber is now nearing a deal that would reshape the competitive map: a proposed acquisition of German food…
HONG KONG— July 16, 2026
Food delivery as a sector has spent the better part of recent years searching for the scale that justifies its capital base. Uber is now nearing a deal that would reshape the competitive map: a proposed acquisition of German food delivery group Delivery Hero valued at €12.5 billion. Under the terms taking shape, Delivery Hero's Turkish operations and certain European assets would be spun off to a separate buyer.
A deal defined by what it excludes
The spin-off structure is the clearest signal in this transaction. Delivery Hero has assembled an extensive cross-border footprint, and Uber appears to want only part of it. Routing Turkey and parts of Europe to a different acquirer narrows the deal's scope: Uber would enter as a buyer of select markets rather than a wholesale acquirer of the German group's full geographic reach.
That distinction matters for how the transaction is read. Delivery Hero has been one of the more active builders of international food delivery presence, and the assets it retains post-carve-out would form the core of what Uber absorbs.
The sector cycle behind the number
Against the backdrop of sustained pressure on food delivery unit economics, consolidation has become the dominant playbook for platforms that expanded fast when capital was cheap. The €12.5 billion figure reflects how the environment has shifted: absorb the geographies that fit, hand off the rest to a separate buyer.
The read-through for the broader cycle is direct. Fewer, larger platforms absorbing the footprint of mid-tier operators is a pattern the ride-hailing market traced before delivery did. A combined Uber and Delivery Hero entity would hold significant cross-border demand flow across the markets that remain in scope.
What remains unresolved
The buyer for the Turkish and European operations is unnamed in current reports. Turkey presents a distinct demand environment and regulatory profile. The price at which those assets find a buyer will determine whether the headline €12.5 billion figure holds as the transaction moves toward completion.
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