Uber's $14.8 Billion Offer for Delivery Hero: Yemeksepeti Excluded from the Deal

Uber announced a voluntary takeover offer of €41.50 per share for Germany-based Delivery Hero. The offer values the entirety of Delivery Hero at €13 billion; based on the exchange rate at the time of the announcement, this translates to approximately $14.8 billion.

Considering the shares of Delivery Hero that Uber previously acquired, the adjusted amount that the company is expected to pay in this new transaction is around $13.7 billion. If the acquisition is completed, Uber will incorporate Delivery Hero's delivery and quick commerce operations in 50 markets. (Uber Investor Announcement) The process is not yet finalized. The offer must be accepted by at least 50% plus one share of Delivery Hero's shares, the BaFin process must progress, and necessary merger control and regulatory approvals must be obtained in various countries. The companies expect the closing to occur in the second half of 2027. Official announcements available as of August 4, 2026, indicate that the offer document will be published after BaFin's approval. However, it does not cover all of Delivery Hero's markets.

One of the most significant aspects of the transaction is that the operations of Delivery Hero in 14 countries will be transferred to a separate investor before the Uber deal.

Delivery Hero has made a separate agreement to sell operations that directly overlap with its own brands to New York-based SSW Partners for approximately €1.4 billion. The SSW portfolio includes foodora's operations in Austria, Czech Republic, Norway, and Sweden; efood, foody, some Glovo and PedidosYa markets, including Yemeksepeti in Turkey. Uber will not have control over these businesses. The SSW transaction is contingent on the completion of Uber's Delivery Hero offer and other closing conditions. Delivery Hero states that the brands in those countries will continue to operate with their existing technology and operational infrastructure. SSW plans to later seek long-term strategic partners or buyers for these businesses. In the short term, there will be no automatic changes in the Yemeksepeti application, restaurant contracts, or courier operations resulting from this announcement.

Uber's Global Delivery Network Could Nearly Double

According to information provided by Uber and Delivery Hero, the combined entity will operate in 99 countries and reach a pro forma gross transaction volume of $236 billion by 2025.

The 50 markets that Uber plans to acquire generated a gross transaction volume of approximately $42 billion in 2025. These include Baedal Minjok in South Korea, foodpanda in Asia, talabat and HungerStation in the Middle East, PedidosYa in Latin America, and various Glovo operations in different European and African countries. Additionally, Uber aims to increase the number of markets where it offers both transportation and delivery services from 34 to 58. The company's strategy is based on meeting the transportation, food, grocery, and retail needs of the same user within a single membership and application ecosystem. Uber management cites the broader expansion of the Uber One membership into more markets as one of the key commercial justifications for the transaction. Delivery Hero has grown by acquiring various regional brands since 2011. In addition to food delivery, the company operates approximately 800 small distribution centers for grocery, retail products, and quick commerce activities. Delivery Hero reported a gross transaction volume of €49.2 billion and segment revenue of €14.8 billion in 2025. What could change for restaurants?

Until the acquisition is completed, Uber and Delivery Hero will continue to operate as independent companies. There have been no announced changes regarding restaurant commissions, contracts, payment terms, advertising products, or ranking systems. However, a broader user network and shared technology infrastructure could provide restaurants with new customer and order sources. Offering Delivery Hero brand restaurants to customers using Uber's transportation services in one country or consolidating delivery memberships could increase order traffic.

In return, the platforms reaching a larger scale could affect the bargaining power of restaurants. The risk exists that fewer global platforms controlling consumer data, advertising space, and delivery networks could increase the platform's impact on commissions, visibility purchase costs, and customer relationships. These potential outcomes are not yet announced commercial terms; they are structural risks that the transaction could create.

Restaurant businesses need to monitor the following areas at this stage:

• Whether existing commercial contracts will be transferred

• Changes in commission and delivery fees

• In-app advertising and visibility costs

• Which company will manage customer data

• Consolidation of loyalty memberships and campaigns

• Transfer of restaurant ratings and past reviews to the new system

• Payment terms and reconciliation processes

• Provisions limiting working with multiple platforms

Businesses should look not only at the number of orders but also at the net contribution margin per platform. Sales growth measured without deducting campaign discounts, commissions, advertising costs, packaging, and cancellation costs may not reflect true profitability.

Yemeksepeti Will Not Transition to Uber in Turkey

The most critical detail of the agreement from the perspective of the Turkish market is that Yemeksepeti is not included among the Delivery Hero operations to be acquired by Uber.

Yemeksepeti is part of the 14-country portfolio planned to be transferred to SSW Partners. The primary reason for this separation is that Uber already has other investments in the Turkish delivery market and that the two companies have overlapping operations in the country. In August 2026, Uber announced a separate agreement to acquire Getir's food, grocery, retail, and water delivery operations in Turkey from Mubadala. The company stated that it plans to integrate the delivery operations of Trendyol Go, which it previously acquired, with Getir within the same ecosystem. (Uber's Getir Announcement) The Competition Authority approved the Getir transaction on June 19, 2026, under commitments. According to the board's announcement, Uber's total investment commitment in Turkey is $500 million; this was evaluated with reasons to support qualified employment, local engineering capacity, and digital infrastructure. If the transactions are completed, there could be a structure in Turkey with Uber, Trendyol Go, and Getir delivery operations on one side, and Yemeksepeti, which is planned to transition to SSW Partners' control, on the other. However, it is not possible to make definitive statements about the market structure, the future of applications, or restaurant contracts until the closing and integration processes of both transactions are completed.

Limited Commitments for Employees and Couriers

Uber has committed to maintaining Delivery Hero's Berlin headquarters and not making changes to the workforce in Berlin until at least 2029. Additionally, it announced a €2 billion investment target focused on employee development, local operations, and technology investments in Germany until 2031. However, this does not cover all of Delivery Hero's global employees or independent couriers working on the platforms. No detailed integration plan has been published regarding how country teams, operational centers, and courier models will be affected.

For couriers, the areas to be monitored will include wage and incentive systems, order matching algorithms, working areas, account transfers, insurance, performance scores, and the future of support channels.

While it has been stated that the existing technology infrastructure will be preserved in the countries transitioning to SSW Partners, no binding and detailed assurance has been announced regarding employee conditions or courier incomes.

Competition Review May Be the Longest Phase of the Transaction

Uber and Delivery Hero are attempting to reduce regulatory risks by pre-separating 14 overlapping markets. Nevertheless, the transaction will be evaluated by the competition authority of many countries.

Analysts speaking to Reuters indicate that the closing timeline extending into the second half of 2027 suggests a complex and lengthy review is expected. Uber's previous attempt to acquire Delivery Hero's foodpanda operations in Taiwan was blocked by the Taiwanese regulator due to concerns about excessive market concentration. This example shows that the announcement of the Delivery Hero agreement does not guarantee a closing. Regulators may evaluate issues such as restaurants' access to platforms, consumer prices, courier conditions, data control, and whether market entry becomes more difficult.

Stafflink's Perspective

The scale of the Uber-Delivery Hero agreement indicates that food delivery is no longer an independent channel that merely carries additional orders for restaurants. Delivery platforms are transforming into core sales infrastructures that integrate customer data, payments, advertising, loyalty, logistics, and increasingly grocery shopping within the same system.

In our view, the main risk for restaurants is not the size of a single platform but rather the potential loss of their own customer relationships. Even if order volume increases, if customer data, pricing visibility, and repeat order relationships remain with the platform, a restaurant's revenue may grow while its dependency also increases.

Therefore, businesses should not abandon direct order channels; they should monitor profitability, customer acquisition costs, and repeat order rates on a platform-by-platform basis. The real benefit of the merger to restaurants should be measured not only by bringing in more orders but also by creating a sustainable contribution margin from those orders.

In Turkey, the exclusion of Yemeksepeti from the Uber agreement represents a significant structural distinction aimed at preserving competition. However, it is too early to say how this structure will play out for restaurants, employees, and couriers until SSW Partners' long-term plan for Yemeksepeti is disclosed.