Once you own nearly 20 percent, you have leverage in the negotiation.
En un movimiento que refleja la maduración acelerada de la economía digital global, Uber ha presentado una oferta formal de €10 mil millones para adquirir Delivery Hero, la plataforma alemana dueña de PedidosYa y Glovo. La propuesta, equivalente a €33 por acción, no es un gesto impulsivo sino el resultado de una acumulación estratégica de participaciones construida durante meses. En un sector donde la escala lo es todo, la consolidación ya no es una posibilidad sino una lógica inevitable, y los actores más grandes están dispuestos a rediseñar el tablero global antes de que lo haga otro.
- Uber no llegó de improviso: construyó silenciosamente una posición del 19,5% en Delivery Hero antes de lanzar la oferta formal, una maniobra que dejó poco margen para la sorpresa.
- La oferta de €10 mil millones sacude un sector ya convulsionado por fusiones, retiros y reposicionamientos, poniendo en juego el control de operaciones en 65 países.
- El directorio de Delivery Hero recibió la propuesta sin rechazarla ni recomendarla, dejando el desenlace en suspenso mientras evalúa sus opciones estratégicas.
- Prosus, obligada por reguladores europeos a reducir su participación en Delivery Hero, encontró en Uber un comprador oportuno para comenzar a cumplir esas exigencias.
- La oferta coincide con el regreso de Uber Eats a Argentina en 2026, señal de que la compañía ya no huye de mercados difíciles sino que los busca con una estrategia más afinada.
Uber ha presentado una oferta formal para adquirir la totalidad de Delivery Hero, la empresa alemana propietaria de PedidosYa y Glovo, por €33 por acción, lo que representa un valor total de aproximadamente €10 mil millones. Delivery Hero, que cotiza en la Bolsa de Fráncfort y opera en unos 65 países de Asia, Europa, América Latina, Oriente Medio y África, confirmó haber recibido la propuesta. Su directorio indicó que la evaluará en el marco de una revisión estratégica en curso, sin ofrecer por ahora ninguna recomendación.
La oferta no surgió de la nada. Uber, bajo la conducción de Dara Khosrowshahi, llevaba meses construyendo su posición en la compañía. En abril adquirió un 4,5% de las acciones de manos de Prosus, firma de inversión que también controla Despegar. El propio CEO de Delivery Hero, Niklas Östberg, recibió ese movimiento como una señal de confianza. Pero el verdadero indicio llegó el 18 de mayo, cuando se reveló que Uber ya acumulaba el 19,5% del capital más un 5,6% adicional en opciones. Días después, llegó la oferta de compra total.
Para Prosus, la operación resultó conveniente: los reguladores europeos le habían exigido reducir su participación en Delivery Hero como condición para aprobar su adquisición de Just Eat Takeaway.com, y la venta a Uber le permitió comenzar a cumplir ese compromiso.
El momento elegido no es casual. Uber regresó a Argentina en enero de 2026, seis años después de haberse retirado, con una estrategia más madura y un mercado que considera listo. Con más de 10 millones de usuarios en su plataforma de movilidad y medio millón de personas generando ingresos a través de ella, Argentina se convirtió en un caso de adopción acelerada. La posible adquisición de Delivery Hero ampliaría ese impulso a escala global, consolidando a Uber como uno de los actores dominantes en la entrega de alimentos en el mundo.
Uber has made a formal bid to buy Delivery Hero outright, offering €33 per share—a total package worth roughly €10 billion. The German company, which owns PedidosYa and Glovo and operates across 65 countries, confirmed it received the proposal from the American ride-hailing giant. Delivery Hero's board said it would evaluate the offer as part of an ongoing strategic review, but offered no immediate recommendation either way.
The acquisition attempt marks an aggressive escalation in what has become a high-stakes game of consolidation across the global food delivery sector. Uber, led by Dara Khosrowshahi, has been quietly building its position in Delivery Hero for months. In mid-April, the company acquired 13.6 million shares from Prosus—an investment firm that also owns Despegar—representing roughly 4.5 percent of Delivery Hero's capital. At the time, Niklas Östberg, Delivery Hero's CEO and cofounder, welcomed the move as a vote of confidence in the platform's long-term strategy.
But the real signal came just five days before the full acquisition offer. On May 18, Delivery Hero announced that Uber had quietly accumulated 19.5 percent of its issued capital, plus another 5.6 percent in options. The speed and scale of the stake-building suggested something larger was coming. Within days, it did: the formal bid to acquire the entire company.
Prosus, the South African investment firm that had been required by European regulators to reduce its Delivery Hero holdings as a condition of its purchase of Just Eat Takeaway.com, used the Uber transaction to begin meeting those obligations. The company said it remained committed to selling off the rest of its stake within the agreed timeframe. For Prosus, the deal represented a clean exit from a position it could no longer hold.
Delivery Hero's footprint is substantial. The company operates in roughly 65 countries across Asia, Europe, Latin America, the Middle East, and Africa, making it one of the sector's most significant players. It trades on the Frankfurt Stock Exchange and is part of the MDAX index. An acquisition would give Uber control of one of the world's largest food delivery networks at a moment when the sector is consolidating rapidly.
The timing of the bid coincides with Uber's own aggressive push back into markets it had abandoned. The company returned to Argentina in January 2026 after exiting in 2020, when it decided to focus only on regions where it could be the dominant player or see a clear path to dominance. Juan Martín Cappellini, who leads Uber Eats in Argentina, explained that the company had spent the intervening years learning from its mistakes and refining its approach. The decision to re-enter Argentina first signals how much the company's calculus has shifted. With more than 10 million users on its mobility platform and over half a million people earning income through it, Argentina has become a case study in rapid adoption. Uber now sees the market as mature enough and the opportunity large enough to justify a return.
What happens next depends on Delivery Hero's board. The company has given no indication whether it will recommend the offer to shareholders, saying only that it will provide updates when required or appropriate. Neither Uber nor Delivery Hero offered additional comment to journalists. The food delivery wars, it seems, are entering a new phase—one where the biggest players are willing to spend billions to reshape the competitive landscape.
Citas Notables
We celebrate Uber's additional investment in Delivery Hero. As a global technology leader, strengthening Uber's position represents important backing for our platform and our strategy.— Niklas Östberg, CEO and cofounder of Delivery Hero
The company analyzed when and how to return to Argentina. The closure in 2020 was part of a global strategy to focus on markets where Uber was number one or had a clear path to that position.— Juan Martín Cappellini, Uber Eats leader in Argentina
La Conversación del Hearth Otra perspectiva de la historia
Why would Uber spend ten billion euros on a company it could have just competed against directly?
Because Delivery Hero is already in 65 countries. Building that from scratch would take years and cost far more. This is about buying scale and market position all at once.
But Uber already has Uber Eats. Why not just grow that?
Uber Eats exists in some markets, but Delivery Hero owns PedidosYa and Glovo—they have deep roots in Latin America, Europe, and emerging markets where Uber doesn't dominate. You're buying customer bases, supplier networks, brand loyalty.
The stake-building seems deliberate. Why not just make the offer immediately?
Because you want to signal seriousness to the board and other shareholders before you bid. Once you own nearly 20 percent, you have leverage. You're saying: I'm already committed, now let's talk about the rest.
What does this mean for PedidosYa users in Argentina?
That's the real question. Uber just came back to Argentina in January. If this deal closes, Uber Eats and PedidosYa would be under the same roof. That could mean integration, consolidation, or it could mean keeping them separate. We won't know until the deal is done.
Is there any chance regulators block this?
Possibly. The European Commission already required Prosus to reduce its Delivery Hero stake when it bought Just Eat Takeaway. A Uber acquisition of this scale would concentrate even more power in one company. Regulators will look hard at whether it reduces competition.