Key Points:
- Uber Technologies increased its total stake in Berlin-based Delivery Hero to 36.83%, up from 25.1% previously.
- To acquire this massive block, Uber purchased shares from activist investor Aspex Master Fund, paying just below €40 per share.
- The equity buildup follows Uber’s indicative €10 billion ($11.63 billion) takeover proposal pitched at €33 per share.
- By crossing the 30% voting threshold, Uber has legally triggered a mandatory public tender offer under German securities law.
Uber Technologies Inc. has significantly increased its ownership stake in Berlin-based food delivery giant Delivery Hero SE, moving a major step closer to a potential full takeover. According to a regulatory disclosure filed on Wednesday, May 27, 2026, the San Francisco-based ride-hailing and delivery giant has increased its total voting rights in Delivery Hero to 36.83%, up from 25.1%. This aggressive equity buildup comes just days after Uber made an indicative €10 billion ($11.63 billion) takeover proposal, signaling a massive wave of consolidation across the global logistics sector.
The newly filed disclosure reveals that Uber now owns a direct equity stake in Delivery Hero of just under 25%, up from 19.5% previously. The remaining 11.84% is held in financial derivative contracts and options, compared with its previous derivatives holding of 5.6%. This substantial purchase officially establishes Uber as the single largest shareholder in the German delivery platform, giving CEO Dara Khosrowshahi immense leverage as he attempts to negotiate a friendly merger.
To assemble this massive equity block, Uber purchased a substantial stake from activist investor Aspex Master Fund (Aspex Management). To convince the activist fund to sell, Uber reportedly paid just below €40 per share, representing a significant premium over its initial €33-per-share public offer. Following the transaction, Aspex roughly halved its holdings in Delivery Hero, reducing its remaining stake to approximately 7.56% of the company’s issued capital.
The decision to buy out Aspex at a premium followed the quiet rejection of Uber’s initial €33-per-share indicative bid. Last week, Khosrowshahi flew directly to Oslo to meet with Delivery Hero’s supervisory board chair, Kristin Skogen Lund, to float the €10 billion takeover proposal. However, one of the company’s major shareholders rebuffed the €33 offer as being too low, prompting Uber’s board of directors to convene an emergency meeting last Saturday to discuss an improved bid and authorize the direct purchase of shares.
Uber’s decision to cross the 30% ownership threshold carries immense legal and structural implications under German securities law. Previously, Uber had repeatedly disclosed that it had “no intent” to breach the 30% mark, which legally triggers a mandatory public tender offer to all remaining shareholders. By aggressively increasing its voting rights to 36.83%, the American tech giant has crossed the rubicon, forcing its hand into a full-scale corporate takeover process that must now be extended to all outstanding shareholders.
This high-stakes acquisition battle is taking place amidst rapid, industry-wide consolidation in the global food delivery sector, which analysts project will surpass $200 billion annually over the next decade. Major players are competing to achieve scale, reduce customer acquisition costs, and streamline regional logistics. Last year, Dutch tech investor Prosus acquired rival Just Eat Takeaway for $4.3 billion and is currently seeking regulatory approval to bypass a mandatory divestment of its own 17% stake in Delivery Hero. Meanwhile, U.S. rival DoorDash is reportedly also circling Delivery Hero’s highly profitable Middle Eastern division, which includes regional leaders Talabat and HungerStation.
For Delivery Hero, the sudden rush of American buyers comes at a time of deep internal transition. The Berlin-headquartered company, which operates local delivery brands in 65 countries, is currently conducting a comprehensive strategic review to turn around its financial performance. Additionally, long-time co-founder and chief executive officer Niklas Östberg has agreed to step aside by March 2027. This planned leadership transition has left the company’s board in a vulnerable position, making it an ideal target for cash-rich American tech giants.
Financial markets have reacted with unbridled optimism to the unfolding takeover battle. Shares in Delivery Hero have surged on the Frankfurt Stock Exchange, doubling its overall market capitalization over the past month to settle near €33.59 per share, slightly above Uber’s initial €33 offer. While Uber’s own stock has experienced a minor decline—a common pattern for buyers facing high integration costs—the aggressive stake build shows that the company believes the long-term network efficiencies of a unified global delivery network will easily justify the heavy capital investment.
As both companies prepare for the next round of negotiations, the outcome of this historic takeover battle will redefine the global delivery landscape. By successfully securing over 36% of the company’s voting rights, Uber has established an almost unassailable position, leaving other potential bidders with very little leverage. If the European Commission and German antitrust regulators approve the final merger, the unified delivery empire will dominate the global convenience economy, proving that in the digital age, scale remains the ultimate key to profitability.
