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Uber Eyes Full Delivery Hero Takeover After Boosting Stake To 19.5% — Melanin News | Melanin
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Uber Eyes Full Delivery Hero Takeover After Boosting Stake To 19.5%Culture

Uber Eyes Full Delivery Hero Takeover After Boosting Stake To 19.5%

1w ago

Uber is making big moves in the global food delivery game. Reports indicate the tech giant is now eyeing a full takeover of Delivery Hero SE, the Berlin-based rival, a development that follows Uber's recent significant increase in its stake to nearly 20% in the company. This potential acquisition could redraw the map of international delivery services, intensifying competition and expanding Uber's reach across multiple continents.

The news, which broke on May 22 and 23, 2026, sent immediate shockwaves through the market. While Delivery Hero's shares in Frankfurt saw a surge, climbing close to 10% on the reports, Uber Technologies' stock experienced a downturn, falling by roughly 1.7% to 3% in the days following the disclosures. This comes after an earlier muted decline of about 0.1% on May 20, when Uber first disclosed its increased holding. Competitors also felt the ripple effect; DoorDash saw mixed reactions, and Lyft shares declined in sympathy with Uber.

Uber
Uber Source

Uber has reportedly been working with financial advisors and engaging in discussions with other major shareholders of Delivery Hero to explore the possibility of expanding its position even further. The company officially disclosed on May 18, 2026, that it had become Delivery Hero's largest shareholder, accumulating a 19.5% stake in the company's issued capital. This substantial holding also includes options for an additional 5.6% of shares, signaling a deep commitment to the German delivery giant.

This recent escalation is the culmination of a strategic relationship that began in May 2024. At that time, Uber initially agreed to acquire Delivery Hero's foodpanda operations in Taiwan for a hefty $950 million in cash. As part of that same agreement, Uber also made a separate $300 million equity investment in newly issued ordinary shares of Delivery Hero, laying the groundwork for its current significant stake.

However, the foodpanda Taiwan acquisition wasn't without its challenges. Taiwanese regulators ultimately blocked the deal, forcing Uber to pay a $250 million break fee in March 2025. Despite this setback, the initial equity investment in Delivery Hero remained intact. Delivery Hero later moved to offload its foodpanda Taiwan business to Grab in March 2026 for $600 million, a figure notably $350 million less than Uber's original offer.

Weak Hero
Weak Hero Source

A crucial step in Uber's growing influence came in April 2026 when it purchased an additional 4.5% stake in Delivery Hero from Prosus, a Dutch technology investment company. This transaction, valued at approximately €270 million, or about $318 million, was driven by regulatory obligations imposed on Prosus by the European Commission. The European body had required Prosus to reduce its holding in Delivery Hero as a condition for approving Prosus's acquisition of Just Eat Takeaway.com in August 2025. This purchase by Uber effectively increased its stake in Delivery Hero from roughly 7% to approximately 11.5%, setting the stage for its current dominant position. Investment bank Morgan Stanley reportedly played a key role in helping Uber rapidly accumulate its substantial 19.5% position, utilizing derivative instruments to build the stake. Despite the aggressive accumulation, Uber stated in a regulatory filing that it "does not currently intend" to increase its stake to 30% or more, a threshold that would trigger a mandatory tender offer to all remaining shareholders under German takeover rules.

Niklas Östberg, Delivery Hero's co-founder and CEO, who is slated to step down by March 31, 2027, previously commented on Uber's increased position. He described it as "a meaningful endorsement of our platform, our strategy, and our ongoing work to deliver long-term value for all shareholders." Delivery Hero, headquartered in Berlin, Germany, also officially welcomed Uber's additional investment, calling it "a further endorsement of its platform and Everyday App strategy." JPMorgan analysts viewed the move as "a clear endorsement of the strategic attractiveness of Delivery Hero's asset base for Uber," though they acknowledged that "Uber's ultimate intentions on further stake-building remain unclear."

This unfolding drama is playing out against a backdrop of significant consolidation within the global food delivery sector. For Uber, a full takeover of Delivery Hero would represent a monumental expansion of its international footprint. Delivery Hero operates in over 60 countries across Asia, Europe, Latin America, the Middle East, and Africa, a network that would significantly strengthen Uber's competitive standing against rivals like DoorDash, particularly in markets outside the United States.

Beyond traditional food delivery, Delivery Hero has also been making strides in "quick commerce," focusing on the rapid delivery of groceries and other retail goods. This segment currently makes up 18% of its gross merchandise value and experienced a robust 30% year-over-year growth in the first quarter of 2026. Acquiring this robust quick commerce network could significantly accelerate Uber's own expansion into non-food categories, diversifying its revenue streams and market presence. Delivery Hero's financial performance in 2025 demonstrated a commitment to financial discipline, meeting full-year guidance and achieving positive free cash flow for the second consecutive year, reaching €250 million. The company's market capitalization stood at approximately €10.2 billion as of May 2026, even as it undergoes a strategic review aimed at improving its finances and operations. This potential deal echoes Uber's 2020 acquisition of US-based food delivery service Postmates for $2.65 billion, which was subsequently integrated into the Uber Eats platform.

The leadership transition at Delivery Hero, with CEO Niklas Östberg's upcoming departure, adds another layer of complexity to the situation. This transition follows an intensifying campaign by activist investor Aspex Management, a Hong Kong-based firm that raised its stake to approximately 15% in May 2026 and has been pushing for a full strategic overhaul at Delivery Hero, including asset sales and Östberg's resignation. As the global delivery market continues to evolve, Uber's aggressive moves signal a clear intent to dominate, and all eyes will be on how this high-stakes corporate chess match ultimately plays out.