Uber is set to take over Delivery Hero in a deal valuing the German food delivery company at about €12.5 billion, or $14.34 billion, the Financial Times reported. Delivery Hero confirmed it was in advanced negotiations regarding a potential takeover.
The acquisition would massively expand Uber's Eats network across Europe, the Middle East, Asia, and Latin America. However, the deal is expected to face intense scrutiny from antitrust regulators due to significant overlap in the companies' operations.
To mitigate regulatory concerns, the report states Delivery Hero would split off part of its business. It would sell its Turkish unit, Yemeksepeti, and several European operations to an investment firm before the merger.
The terms, which value Delivery Hero at roughly €41 per share, have not been finalized. The deal could be announced as early as Thursday.