This is a potential transaction, not a completed deal. Delivery Hero SE has officially confirmed that it is in advanced discussions with Uber Technologies regarding a potential takeover offer directed at all shareholders. No binding offer, definitive merger agreement, offer price, or closing timeline has been announced. The company declined to comment on market speculation regarding price.

No official offer price has been disclosed. Delivery Hero's pre-announcement market capitalization was approximately €11.2 billion (~$12.8 billion USD). A public takeover offer incorporating a control premium would be expected to exceed this figure, but no reliable valuation is possible at this stage.

Uber's reported ~37% stake in Delivery Hero — built through recent share purchases — provides significant strategic leverage in negotiations. However, the legal characterization of that stake, its effect on voting rights, and its treatment under German takeover law for purposes of the control threshold calculation require separate analysis.

Delivery Hero operates across Europe, Asia, the Middle East, Africa, and Latin America under brands including:

• Yemeksepeti (Turkey)
• Glovo (Southern Europe, Africa, Central Asia)
• foodpanda (Asia-Pacific)
• talabat (Middle East and North Africa)
• foodora (Northern Europe)
• PedidosYa (Latin America)

2025 reported financials:

• Gross transaction value (GTV): approximately €49.2 billion
• Segment revenue: approximately €14.8 billion

An acquisition would transform Uber Eats from a platform with selective international presence into a global delivery network with established brands, user bases, restaurant relationships, and courier infrastructure across dozens of markets.

For Uber, the transaction would deliver:

• Immediate international scale — access to established market positions across multiple geographies without country-by-country organic build
• Brand consolidation — the ability to rationalize or maintain local brands (Yemeksepeti, talabat, foodpanda) depending on competitive dynamics in each market
• Network effects — combined user, restaurant, and courier data at a scale that reinforces algorithmic matching and delivery efficiency
• Cross-sell opportunities — integration of food delivery, grocery delivery, and ride-hailing on a single platform
• Subscription model expansion — Uber One membership economics across a larger addressable market

Key competitive and commercial dynamics that would be materially affected:

• Global Uber–DoorDash competition in food delivery
• Restaurant commission structures and courier network economics
• Exclusivity and most-favored-nation provisions in restaurant agreements
• Quick commerce and grocery delivery platform consolidation
• Data accumulation and algorithmic ranking across combined platforms

Delivery Hero operates in Turkey through Yemeksepeti, providing online food ordering and quick commerce services across all 81 provinces. A change of control of Delivery Hero would constitute an indirect change of control of Yemeksepeti.

This transaction carries particular significance for Turkey because Uber recently acquired Getir's:

1. Online food ordering and delivery business
2. Online fast-moving consumer goods (FMCG) ordering and delivery business

The Turkish Competition Authority (Rekabet Kurulu) approved the Getir transaction in June 2026 subject to commitments offered by Uber, which included a $500 million total investment commitment in Turkey.

If Uber acquires Delivery Hero — and thereby Yemeksepeti — it would hold, directly or indirectly, controlling interests in:

• Uber Eats (existing food delivery platform)
• Getir's food delivery business (acquired June 2026)
• Getir's FMCG/grocery delivery business (acquired June 2026)
• Yemeksepeti (Turkey's largest online food ordering platform)

This combination would represent an unprecedented consolidation of online food delivery and quick commerce in Turkey. The Turkish Competition Authority's review of any Uber–Delivery Hero transaction would be expected to focus specifically on the interaction between Yemeksepeti and the Getir businesses already acquired by Uber.

Based on the disclosed transactions and Turkey's current platform market structure, a Turkish Competition Authority review would be expected to examine:

This assessment is a legal inference from the disclosed transactions and Turkey's current platform market structure — not a statement of the Competition Authority's position.

Delivery Hero is listed on the Frankfurt Stock Exchange. A definitive offer would be subject to the German Securities Acquisition and Takeover Act (WpÜG), requiring:

• Publication of a formal offer document reviewed by BaFin
• Compliance with mandatory offer rules if the 30% voting rights threshold is crossed
• Minimum price rules based on prior market prices and prior acquisitions
• Acceptance period and settlement mechanics under German law

Delivery Hero's confirmation that discussions concern an offer "for all shareholders" is consistent with a mandatory or voluntary public takeover offer under WpÜG.

Given the parties' combined global scale and overlapping operations across multiple EU member states, notification to the European Commission under the EU Merger Regulation is likely to be required. The Commission's review would be expected to focus on:

• Market definition for online food delivery and quick commerce (national or narrower)
• Combined market shares in each affected member state
• Network effects and barriers to entry
• Remedies in markets where the combination raises competitive concerns

Turkey's merger notification thresholds were revised in 2026:

• Individual Turkey turnover threshold: TL 1 billion
• Combined Turkey turnover threshold: TL 3 billion
• Global turnover threshold: TL 9 billion

Given Yemeksepeti's scale of operations in Turkey, notification to the Turkish Competition Authority is highly probable. The review would be conducted against the backdrop of the June 2026 Getir approval and the commitments accepted in that proceeding.

Delivery Hero's operations in the Middle East (talabat), Asia-Pacific (foodpanda), and Latin America (PedidosYa) would trigger merger notification requirements in multiple additional jurisdictions, each with its own market definition, competitive assessment, and potential remedy requirements.

ULF New York monitors U.S. and cross-border M&A transactions with Turkish dimensions. This update is prepared for informational purposes and does not constitute legal advice. For transaction-specific competition law or M&A counsel, contact our New York office.