Uber deepens bet on Delivery Hero in $318M deal amid EU merger pressure on Prosus

Uber is adding to its stake in Delivery Hero, picking up another slice of the German food delivery group in a deal that sits at the center of Europe’s tightening merger landscape.

The ride-hailing giant agreed to buy an additional 4.5% stake in Delivery Hero from Prosus, the company’s largest shareholder. The transaction brings in roughly €270 million, or about $318 million, for Prosus. Uber will pay €20 per share, a price that trails Delivery Hero’s most recent closing level after a short-term rally, yet still comes in at a premium to its recent trading average.

This isn’t a casual portfolio move. It’s tied directly to regulatory pressure in Europe.

Prosus has been working to push through its proposed €4.1 billion acquisition of Just Eat Takeaway.com, a deal that has drawn scrutiny from the European Commission, CNBC reported. Regulators signaled they would sign off if Prosus reduces its position in Delivery Hero, a condition that is now reshaping ownership across the sector.

“Prosus remains committed to selling the relevant portion of its stake in Delivery Hero within the required timeframe,” the company said in a press release on Friday.

Uber Increases Delivery Hero Stake While Prosus Sells Shares to Meet EU Rules

The latest sale trims Prosus’s holding to about 21%, down from roughly 27% when the Just Eat deal was first announced. Uber, which first invested $300 million in newly issued Delivery Hero shares in 2024, is stepping in as a steady buyer as Prosus unwinds part of its position.

Behind the transaction sits a broader shift in how Europe is thinking about scale. For years, regulators leaned toward limiting consolidation. That stance is now being questioned as European firms try to keep pace with global rivals.

The Financial Times reported that the European Commission is weighing a more flexible approach, placing greater emphasis on factors such as investment and companies’ ability to compete globally. Europe’s competition commissioner, Teresa Ribera, framed the goal as encouraging “pro-competitive mergers” that help regional players remain relevant on the world stage.

Prosus CEO Fabricio Bloisi has been vocal on this point, arguing that Europe needs larger, stronger companies to compete internationally. Earlier this year, he pointed to the region’s reluctance to allow consolidation as a structural disadvantage.

Delivery Hero itself has long relied on scale to stay ahead. Since its founding in 2011 by CJ Foo, Claude Ritter, David Bailey, Kolja Hebenstreit, Markus Fuhrmann, Nikita Fahrenholz, Niklas Ostberg, and Tracy Richardson, the company has built its footprint through a steady run of acquisitions, snapping up at least 20 companies over the years. Today, it operates a network of online food-ordering platforms in more than 21 countries, connecting tens of thousands of restaurant partners.

Uber’s growing stake signals confidence in that model. It places the company closer to the center of Europe’s food delivery market at a time when ownership is shifting, and regulators are quietly rewriting the rules of consolidation.

The deal may look like a simple share purchase on paper. In reality, it reflects a deeper reset in how Europe balances competition, scale, and global relevance.