Uber Technologies has agreed to acquire German food-delivery company Delivery Hero in a transaction valued at approximately $14.8 billion, marking a significant consolidation in the global food-delivery sector. The agreement, announced on Thursday, expands Uber’s international presence by adding operations across 50 markets spanning Asia, Latin America, and Europe.

The San Francisco-based firm, which already held a substantial stake in Delivery Hero, is offering €41.50 per share in cash—equivalent to about $47.49—a notable increase from its previous proposal of €33 per share in May. Delivery Hero’s board endorsed the latest offer, citing the combination as a strategic move to maintain competitiveness in an increasingly consolidated industry. The company’s stock has nearly doubled in the preceding three months amid growing investor confidence linked to Uber’s stake accumulation and takeover discussions.

Prior to the deal, Uber directly owned 24.99% of Delivery Hero and held additional exposure to 11.84% through financial agreements. Delivery Hero’s second-largest shareholder, Prosus, indicated it would divest its remaining 16.8% interest as part of the acquisition.

In a related transaction, Delivery Hero is selling parts of its operations in 14 countries—including segments of its European business—to New York–based investment firm SSW Partners for $1.6 billion. This divestiture is intended to address market overlaps where Uber Eats and Delivery Hero currently compete, and is contingent upon the completion of Uber’s larger acquisition.

Upon closing, the integration will expand Uber’s mobility and delivery services to 99 markets worldwide, combining for a projected $236 billion in gross bookings. Delivery Hero’s portfolio, which contributed $42 billion in gross bookings last year, includes prominent local brands in key markets such as South Korea, Italy, Nigeria, and Argentina.

Uber has committed to maintain Delivery Hero’s headquarters and workforce in Berlin through at least 2029 and plans to invest €2 billion in Germany over the next five years. The acquisition comes as Delivery Hero faces internal leadership changes, with co-founder and long-serving CEO Niklas Östberg stepping down earlier this year.

This deal follows a wave of recent mergers in the food-delivery industry, including DoorDash’s acquisition of Britain’s Deliveroo and Prosus’s purchase of Amsterdam-based Just Eat Takeaway.com, reflecting intensified competition and market consolidation among global food-delivery platforms.