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The German food delivery company Delivery Hero confirms that it is in advanced talks with the American company Uber regarding a takeover bid. The two parties may reach an agreement as early as this week.
Overlapping Operations
Delivery Hero confirmed the news after Bloomberg reported that the acquisition talks were well advanced and could lead to a deal as early as this week. Rumors had been circulating for months that Uber planned to acquire Delivery Hero in its entirety. The American company already holds a nearly 37% stake in its German industry peer but had, until now, been offering too little for the remaining shares.
The food delivery sector, which saw a significant boost during the COVID-19 pandemic, has been experiencing a downturn since restaurants reopened. Stricter labor regulations in the sharing economy are also hampering these companies. This has led to a wave of consolidation: Just Eat Takeaway was acquired by Prosus, and Deliveroo was acquired by DoorDash.
A takeover of Delivery Hero by Uber could potentially face objections from competition authorities, as the German delivery company operates in more than 60 countries. In parts of Europe and the Middle East, its operations overlap with those of Uber.
