Uber Technologies is tightening its grip on Europe’s food-delivery sector after buying out Aspex Management’s stake in Delivery Hero SE, lifting its holding to about 36.83% as talks continue over a possible full takeover of the German group.

The deal adds to Uber’s growing influence in an industry where food delivery, logistics, and quick commerce are converging under pressure from rising costs, tighter margins, and closer regulatory oversight.

The company, best known for its ride-hailing platform and Uber Eats service, has steadily built a stronger position in Europe’s crowded delivery market.

A regulatory filing shows Uber also raised its voting rights in Delivery Hero to 24.99%, while the remaining exposure sits in financial instruments.

The structure keeps the U.S. company just under the 30% threshold in Germany that would typically require a mandatory takeover offer.

Uber is said to have paid just under $46 per share for the stake, according to people familiar with the matter.

That follows a separate proposal disclosed over the weekend in which Uber offered $38 per share in a broader approach valuing Delivery Hero at about $11.6 billion.

Deal structure keeps takeover option open

Under German takeover law, crossing 30% of voting rights generally triggers an obligation to make an offer for the entire company.

Uber’s current position allows it to build influence without immediately crossing that line, keeping its options open as discussions continue.

The company is also weighing how far it can extend its stake while navigating potential antitrust reviews in markets where Delivery Hero operates.

Before this latest move, Uber had already become the company’s largest shareholder, with a stake of nearly 20% and additional options to increase its position.

Investor pressure builds around Delivery Hero

Other major shareholders remain closely watched.

Prosus NV holds about 17%, while its parent Naspers remains a key player in global internet investments.

Regulatory developments in Europe are also shaping the shareholder picture.

Prosus has been asked by the European Union to reduce its stake in Just Eat Takeaway.com NV as part of conditions tied to its acquisition strategy, though it has reportedly sought a review of that requirement.

At the same time, activist investor Aspex Management had pushed for changes at Delivery Hero, including asset sales, and was involved in earlier leadership shifts at the company.

Former chief executive Niklas Östberg helped steer its rapid international expansion, a strategy that has drawn both support and criticism for its wide geographic spread and regulatory complexity.