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Uber’s Delivery Hero deal faces fresh test as a Saudi rival weighs action in the Middle East
The Apex Times

THE APEX TIMES

Business/The Apex Times/Jun 8, 1:58 PM EDT

Uber’s Delivery Hero deal faces fresh test as a Saudi rival weighs action in the Middle East

A reported dispute involving a Saudi quick-commerce startup adds geopolitical and competitive complexity to Uber’s push into Delivery Hero assets, while investors weigh antitrust risk and the price premium required to clear approvals.

By The Apex Times Newsroom3 min readAI-assisted Apex article

Uber Technologies is pressing ahead with its plans involving Delivery Hero, but a new challenge tied to the Middle East is raising questions about how smoothly the strategy could be executed. In reporting tied to the takeover talks, a Saudi Arabia-based quick-commerce group named Ninja is considering a bid for some of Delivery Hero’s Middle East assets, a move that could complicate which parts of Delivery Hero end up under Uber’s control.

The development comes as Uber has moved beyond a passive position in Delivery Hero and into a more influential one. Reporting summarized by Finimize and FWDstart says Uber has discussed or advanced a takeover approach after an initial offer of €33 per share was rejected. It also says some shareholders are looking for a higher price, with discussion centering on levels above €40 per share, where the deal becomes harder to justify if regulators impose conditions or require asset sales.

Uber’s interest in Delivery Hero is not framed as a pure food-delivery roll-up. Delivery Hero’s platform includes quick commerce and regional networks that can reach consumers quickly with everyday goods. Delivery Hero itself has described HungerStation, its Saudi business, as a major local operation, noting it paid $297 million to take full control of the HungerStation business in 2023 and that HungerStation generated revenue growth and posted positive EBIT for that period, according to Delivery Hero’s own announcement.

Financial Times reporting cited through third-party coverage indicates that Uber has tried to build leverage and options around the deal. According to FWDstart, Uber’s stake in Delivery Hero grew rapidly, reaching 19.5% plus additional exposure through options, giving it a stronger voice in capital-related decisions. That, in turn, raises the stakes for any competing bid for the Middle East assets, because it can affect who controls the most valuable regional businesses.

Even if Uber wins over Delivery Hero’s shareholders, approval risk remains a central concern. Finimize said an investment bank flagged “substantial” antitrust risk because Uber and Delivery Hero overlap across multiple markets, including countries in Europe. In practical terms, the concern is not just whether regulators will review the deal, but what remedies they might require, such as divestitures, forced operating changes, or timeline extensions.

The dispute also underlines a recurring problem for large platforms that grow through acquisition rather than organic expansion: value can depend heavily on the exact assets acquired and the conditions attached. Uber’s own reporting shows it operates in three major segments, Mobility, Delivery, and Freight, meaning an acquisition that strengthens Delivery can also pull more capital allocation and regulatory attention into its core growth narrative.

What is still unclear is how formal any competing interest becomes and whether regulators would treat a partial-asset acquisition differently from a full-company transaction. Uber and Delivery Hero have not publicly detailed an exact final deal structure in the material available through this coverage, and the role of Ninja appears to be at a planning or consideration stage rather than an announced offer. Until there is a filing, a binding proposal, or a regulator-facing submission, the extent of the competitive shift in the Middle East will remain speculative.

Uber’s next move is likely to be shaped by three timelines: how Delivery Hero’s board responds to takeover pressure, whether any regional break-up scenario becomes more realistic, and whether antitrust authorities announcement early acceptance or skepticism. If the Ninja consideration turns into an actual bid, it could also change the negotiation dynamics around valuation, especially for Delivery Hero’s most strategic Middle East holdings.

Why It Matters

  • Geopolitical and competitive fragmentation in the Middle East can add a new variable to deal negotiations, especially if rivals seek to acquire only the most valuable regional units.
  • Antitrust conditions can substantially change deal economics, turning a headline valuation into a higher effective cost if divestitures or behavioral remedies are required.
  • If takeover talks split into asset-by-asset bidding, it may force Uber to reconsider how it values different geographies and product categories within Delivery Hero’s portfolio.
  • For Uber, the transaction becomes more than a growth bet, it becomes a public test of how its capital allocation and deal-making strategy withstands regulatory and shareholder scrutiny.

Sources

Key Facts

  • Uber is involved in takeover discussions around Delivery Hero and is working toward expanding its position in delivery-related assets.
  • Ninja, a Saudi Arabia-based quick-commerce group, is reported to be considering a bid for some of Delivery Hero’s Middle East assets, which could complicate how the breakup or acquisition would be structured.
  • Reporting summarized by Finimize cites an initial €33 per share approach being rejected and discusses a valuation debate that includes expectations for prices above €40 per share.
  • Finimize also reports that an investment bank flagged substantial antitrust risk due to overlap between the companies across multiple markets.
  • Uber’s Delivery business fits into its broader three-segment model covering Mobility, Delivery, and Freight, as described in its annual reporting.
  • Delivery Hero has said HungerStation is a major Saudi asset and that it bought out minority shareholders to take full ownership in 2023 for $297 million.

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Uber’s Delivery Hero deal faces fresh test as a Saudi rival weighs action in the Middle East | The Apex Times