Uber Technologies has agreed to purchase an additional 4.5% stake in German food delivery giant Delivery Hero from Prosus for approximately $318 million (€270 million). The deal, priced at €20 per share, represents a 22% premium to Delivery Hero's one-month volume-weighted average price. While Delivery Hero's stock surged roughly 8.5% on the news, Uber's shares edged slightly lower as investors weighed the strategic benefits against potential regulatory and competitive risks.
The transaction is a direct consequence of European Union antitrust pressure on Prosus, the Dutch investment group. Prosus is required to significantly reduce its stake in Delivery Hero as a condition for regulatory approval of its €4.1 billion acquisition of Just Eat Takeaway.com. This sale reduces Prosus's holding from 26.3% to 21.8%, though EU regulators ultimately require the stake to fall below 10% and for Prosus to relinquish its board influence.
Analysts highlight that the move underscores a broader trend of consolidation and cross-ownership within the global food delivery sector. Instead of pure competition, rivals are increasingly taking minority stakes in each other, blurring competitive lines. Delivery Hero's strategic push into groceries and quick-commerce, with that segment's gross merchandise value exceeding €7.5 billion in 2025, makes it an attractive investment for Uber Eats.
"The concern is not necessarily the size of the investment, but what it signals: deeper entanglement in a sector already under scrutiny from European regulators," the report notes. The deal arrives as the European Commission considers revising merger rules to factor in innovation and global competitiveness, a shift advocated by Prosus CEO Fabricio Bloisi, who argues large mergers are needed for European companies to compete globally.
