Uber has agreed to acquire German food-delivery firm Delivery Hero in a $14.8 billion all-stock deal, a move that would almost double the number of markets in which Uber operates and cement its position as one of the largest delivery platforms outside China. The agreement follows weeks of speculation and would significantly strengthen Uber's ability to compete with rivals such as DoorDash and Just Eat, though it still requires regulatory approval and is not yet finalised.

Under the terms of the deal, Delivery Hero has separately agreed to sell its operations in 14 markets where Uber Eats already competes to New York-based investment firm SSW Partners for $1.6 billion. Uber, already Delivery Hero's largest shareholder, has set a minimum acceptance threshold of 50% plus one share of the company's outstanding capital, while another major investor, Prosus, has agreed to sell its 17% stake. If completed, the acquisition would extend Uber's combined mobility and delivery services to nearly 100 markets across Europe, the Middle East, Latin America and Asia, according to chief executive Dara Khosrowshahi.