Uber is close to completing the acquisition of the German group Delivery Hero for approximately €12.5 billion. The transaction involves the spin-off of operations in Turkey and some regions of Europe, which will be sold separately to reduce overlap in those markets.
Uber's goal with this acquisition is to globally expand Uber Eats , its food delivery service, and increase its market share in home delivery. The operation represents a strategic move to broaden the company's presence in international markets and strengthen its competitiveness against rivals.
In April of this year, Delivery Hero had already announced Uber's entry as a long-term shareholder, with a 19.5% stake, reinforcing the relationship between the two companies before the acquisition negotiations. On Tuesday, July 15th, the German group confirmed that it was in advanced negotiations with Uber.
Delivery Hero operates in several international markets, offering food delivery services through digital platforms. The sale of its Turkish and European operations is part of a strategy to facilitate its acquisition by Uber, reduce regulatory conflicts, and lower antitrust barriers imposed by authorities for the global expansion of Uber Eats.
Uber has been investing in acquisitions and partnerships to expand its service portfolio, which includes passenger transportation and food delivery. The purchase of Delivery Hero could represent a strategic repositioning, with a direct impact on the dynamics of the delivery market.
Global scale, local risks
The biggest challenge for the operation lies in antitrust analysis, especially in Europe. Regulatory authorities have already expressed concern about concentration in the food delivery sector, characterized by narrow margins and a strong dependence on a few players.
The separation of Turkish and European operations is an attempt to mitigate this risk, but it does not eliminate the possibility of additional requirements, such as divestments in strategic markets or restrictions on technological integration.
Furthermore, the diversity of local brands within Delivery Hero, such as Yemeksepeti and Foodpanda, can be seen as a concentration factor that worries regulators, requiring Uber to present a compelling narrative that consolidation will not reduce competition or harm restaurants and consumers.
If completed, the acquisition repositions Uber as a global leader in delivery, with a robust presence in Europe, Asia, the Middle East, and Latin America. This puts pressure on rivals such as DoorDash , which recently acquired Deliveroo, and Just Eat Takeaway, which struggles to remain relevant in saturated markets.
In Brazil, the impact would be indirect. Prosus , a significant shareholder in Delivery Hero and owner of iFood, may revise its strategy in light of Uber's new scale. A potential battle for market share could also accelerate consolidation movements in Latin America.
The challenge of integration
Historically, Uber has grown through acquisitions, such as Postmates, Cornershop, Drizly, and Careem. But integrating Delivery Hero's complex network, with dozens of regional brands and different corporate cultures, will be a trial by fire.
The promise of technological and logistical synergies needs to materialize quickly to justify the high price paid.
The agreement is still under negotiation and may undergo changes as terms are adjusted and regulatory approvals are obtained. If finalized, the transaction is expected to alter the competitive landscape of the sector, with Uber assuming a more robust position in key markets.
The next steps involve finalizing the transaction details, identifying the buyer for the separated operations, and fulfilling the regulatory requirements for the acquisition to be completed.
