Delivery Hero's Quiet Portfolio Reshuffle Takes Shape Beneath the Uber Takeover Drama

Delivery Hero sells 14-country ops to SSW Partners for €1.4B, Taiwan unit to Grab for $600M, and raises 2026 guidance as Uber's €41.50/share bid awaits acceptance.

The public narrative around Delivery Hero has been dominated by Uber's tender offer, but the Berlin-based food delivery group is quietly redrawing its own map. Two separate divestitures — one closing imminently, another still months away — reveal a company streamlining its footprint well before any change of ownership takes effect.

As part of the transaction structure agreed with Uber, Delivery Hero is selling operations across 14 countries to the investment firm SSW Partners, generating proceeds of roughly €1.4 billion. In parallel, the previously announced disposal of its Taiwan business to Grab, the ride-hailing and delivery rival, is expected to complete in the fourth quarter of 2026, with that unit fetching $600 million.

Slimming Down Ahead of the Finish Line

The divestitures form part of a broader strategy: Delivery Hero is shedding peripheral markets while Uber simultaneously pushes forward with its full-company acquisition. The overall deal is targeted to close in the second half of 2027, subject to regulatory clearances, and the exit from smaller markets is widely seen as a move to simplify the corporate structure before the merger lands.

That operational discipline extends beyond portfolio pruning. Management raised its guidance for the full year 2026, lifting the currency-adjusted GMV growth forecast to between 9 and 11 percent from a prior range of 8 to 10 percent. Revenue growth is now expected at 17 to 19 percent, up from the earlier 14 to 16 percent projection. Adjusted EBITDA is anticipated to land between €960 million and €1 billion, a notable upgrade from the previous €910 million to €960 million bracket.

Cash Flow Inflection Point

The first half of 2026 provided the evidence base for that optimism. GMV reached €25.7 billion, up 10 percent on a comparable basis, while revenue climbed 18 percent to €7.8 billion. The most striking figure, however, was free cash flow before special items, which swung from minus €8 million in the prior-year period to plus €348 million. Adjusted EBITDA advanced to €427 million.

Those numbers inject fresh fuel into the ongoing debate over valuation. Uber published its formal offer document for the voluntary public takeover midway through last week, pitching a cash bid of €41.50 per share. The acceptance period runs until 5 November 2026.

A Persistent Discount to the Offer

The market, though, remains unconvinced — or at least uncommitted. Shares closed Friday at €36.99, down 0.8 percent on the day, leaving a gap of more than €4.50 below Uber's bid. Analysts read that spread as evidence that investors are pricing in the possibility of a sweetened offer, while the stock's proximity to its 50-day moving average of €37.12 — with a 30-day change of minus 1.5 percent — points to a sideways drift as the market awaits clarity.

Berenberg, for its part, retains a Buy rating on the stock with a price target of €41.50, matching Uber's offer level. The analysts see the raised guidance as an independent signal of fundamental strength, separate from whatever outcome the takeover process delivers.

Ownership Shifts Under the Surface

The shareholder register is also in motion. Gregory Alexander's voting stake fell to 4.95 percent at the end of August, a disclosure that carries added weight given the pending takeover and what it might suggest about investor positioning.

Longer-term performance tells a more dramatic story than recent sessions: the stock has gained 63 percent since the start of the year and 65 percent over twelve months. It sits roughly 8.6 percent below its 52-week high of €40.49.

For investors, the picture is split in two. Operationally, Delivery Hero is delivering — strong cash generation, upgraded forecasts, and a portfolio being refocused through the SSW Partners and Grab transactions. On the deal front, the Uber offer continues to cap the share price, with the 5 November acceptance deadline looming as the next pivotal date. The parallel divestiture processes make one thing clear: the company is executing its restructuring now, not waiting for the closing to begin.