Delivery Hero’s $14.8 billion deal will nearly double its global footprint

After weeks of speculation, Uber has officially agreed to acquire Delivery Hero, a purchase that will take the ride-hailing and delivery giant’s footprint to new heights, and its reach in nearly 100 markets across Europe, the Middle East, Latin America and Asia.

Germany-based Delivery Hero has also entered into a separate agreement to sell its business in 14 markets, where Uber Eats already operates, to New York-based investment firm SSW Partners for $1.6 billion.

The $14.8 billion all-stock acquisition is not a done deal yet. The purchase would make Uber’s ride-hailing platform one of the largest in the world, at least the largest outside China, and would likely face regulatory scrutiny. Uber, which was already Delivery Hero’s largest shareholder, set a minimum take-up of 50% plus one share of Delivery Hero’s outstanding share capital. Prosus, another major shareholder, has agreed to sell its 17% stake as well, according to the announcement.

If the deal closes, Uber will essentially double its footprint, putting it in a better position to compete with DoorDash and Just Eat.

“Together, we will nearly double the number of markets in which we offer mobility and delivery services, and scale a proven platform that we believe will create significant long-term value for our customers and shareholders,” Uber CEO Dara Khosrowshahi He said in a statement.