Uber Technologies Inc. has agreed to buy Delivery Hero SE in a deal that values the German food-delivery company at $14.8 billion.
Uber offered to pay €41.50 ($47.60) per share and would acquire the majority of Delivery Hero’s 50-market global business, the company said in a statement Thursday, confirming an earlier report by Bloomberg News.
It is buying out significant Delivery Hero shareholder, Amsterdam-listed Prosus NV, as part of the deal.
As part of the deal, investment firm SSW Partners will acquire 14 markets for approximately $1.6 billion. SSW will find a buyer for the assets, which separately include units in Austria, Norway, Spain and Sweden.
The food delivery market, which grew rapidly during the COVID-19 pandemic and gave rise to dozens of players, has been rapidly consolidating in recent years. Uber has been making acquisitions abroad to strengthen its position internationally, with hometown rivals such as DoorDash Inc. also making similar moves. DoorDash last year agreed to buy UK’s Deliveroo PLC, while Prosus struck a deal to acquire Just Eat Takeaway.com NV.
Delivery Hero is conducting a strategic review after pressure from shareholders, including Aspex Management, the hedge fund that succeeded in ousting founder Niklas Ostberg and has lobbied for more asset sales.
SSW was co-founded by former Lazard Inc. banker Antonio Weiss as well as Quadrangle Group co-founder Joshua Steiner, who also serves as a board member of Bloomberg Inc.