The board of directors of Delivery Hero, owner of Glovo, gave a favorable opinion on the public acquisition offer presented by Uber Technologies, unanimously recommending that shareholders accept to sell their titles for a total amount of 12.77 billion euros. Uber's proposal sets payment at 41.50 euros in cash for each share, representing a premium of over 100% compared to May's quotation. The operation still awaits regulatory approvals, with the formal acceptance period running until November 5.
Uber already held a significant position before the public launch of the offer, controlling approximately 24.77% of voting rights through direct participation, having additional exposure of 11.74% through derivative instruments, and having signed an irrevocable commitment with the Prosus group to acquire 16.68% of the capital. This aggregate position of approximately 53% virtually ensures the favorable outcome of the operation.
The executive directors of both companies justified the consortium with scale gains and investment capacity. Dara Khosrowshahi, from Uber, praised the Delivery Hero team for the business built, while Niklas Östberg, founder of Delivery Hero, considered that the partnership will enhance the company's strengths in local delivery. To ease German concerns, Uber committed to preserving Delivery Hero's headquarters in Berlin, not promoting collective redundancies until 2029, and investing two billion euros in the German economy until 2031.
The completion of the deal will have significant repercussions in Portugal and the Iberian Peninsula, where Uber already operates with Uber Eats and Glovo has a strong presence. The Competition Authority in Lisbon and the Directorate-General for Competition of the European Commission in Brussels are expected to analyze the operation. To mitigate antitrust blocks, Delivery Hero agreed to divest autonomous businesses in 14 specific markets to the SSW Partners fund, a condition independent but linked to the favorable outcome of the transaction, whose executive closing is scheduled for the second half of 2027.
