Yemeksepeti, one of Turkey’s leading online food delivery platforms, is to be sold to a US investment firm as part of Uber’s planned takeover of its German parent company, Delivery Hero.
Uber announced Thursday that it would offer €41.50 ($47.50) a share for Delivery Hero, implying an equity value of $14.8 billion for the entire Berlin-based company.
In a separate transaction tied to the takeover, Delivery Hero agreed to sell Yemeksepeti and businesses in 13 other markets to New York-based SSW Partners for approximately €1.4 billion ($1.6 billion).
The SSW acquisition is conditional on completion of Uber’s takeover offer, the separation of the businesses from Delivery Hero’s remaining operations and regulatory approvals.
The carve-out covers markets where Uber Eats and Delivery Hero compete, a structure expected to reduce potential competition concerns arising from the takeover.
Uber will not acquire control of Yemeksepeti or the other businesses transferred to SSW. The investment firm said it would support their management while seeking strategic partners or long-term owners.
The other businesses include foodora operations in Austria, Czechia, Norway and Sweden; efood in Greece; Foody in Cyprus; Glovo operations in Moldova, Poland, Portugal, Romania and Spain; and PedidosYa businesses in Chile and Ecuador.
The €41.50-a-share offer represents a roughly 34 percent premium over Delivery Hero’s three-month volume-weighted average share price before Thursday’s announcement.
The transaction would create the largest food delivery group outside China, spanning 99 markets and recording combined pro forma gross bookings of $236 billion in 2025.
Despite the planned divestitures, the acquisition is expected to face a complex regulatory review because of overlaps between Uber and Delivery Hero in several markets.
The takeover is conditional on regulatory approvals and acceptance of the offer by shareholders representing at least 50 percent plus one share of Delivery Hero’s outstanding capital, including shares already held by Uber. Completion is expected in the second half of 2027.
“Together, we’ll nearly double the number of markets where we offer both mobility and delivery services,” Uber CEO Dara Khosrowshahi said in the company’s announcement.
Delivery Hero’s management and supervisory boards have backed the offer and intend to recommend that shareholders accept it after reviewing the formal offer document.
Dutch technology investment group Prosus has committed to tender its 16.68 percent stake in Delivery Hero.
Uber already holds approximately 24.77 percent of Delivery Hero’s voting capital and has additional economic exposure of about 11.74 percent through equity derivatives. Including Prosus’ commitment, Uber’s total economic interest would exceed 53 percent.
Delivery Hero rejected an earlier approach from Uber in May that valued the company at more than €10 billion ($11.5 billion), or €33 a share. The improved offer followed months of speculation about the company’s future.
Founded in 2001, Yemeksepeti was Turkey’s first online food ordering platform and has since expanded into grocery and quick-commerce services. Delivery Hero acquired it in 2015 for $589 million, in what the company described at the time as the largest acquisition in the online food ordering sector.
Delivery Hero was founded in Berlin in 2011 and expanded rapidly through acquisitions. It operates brands including Talabat, foodpanda, Glovo and PedidosYa across Europe, Asia, Latin America, the Middle East and Africa.
The acquisition comes as food delivery companies seek greater scale in response to slower order growth since the peak of the COVID-19 pandemic, pressure to improve profitability and scrutiny of couriers’ working conditions.
The industry has undergone extensive consolidation in recent years. Uber acquired Postmates, DoorDash bought Wolt and Deliveroo, Prosus acquired Just Eat Takeaway and Delivery Hero expanded through acquisitions including Glovo and foodpanda.