Uber proposed to acquire German food delivery service Delivery Hero with a valuation of 10 billion euros.

Uber Technologies Inc. has proposed to acquire the German food delivery company Delivery Hero SE, with the transaction valuing the latter at approximately 10 billion euros. Uber is seeking to increase its competition with DoorDash Inc. in markets outside the United States. Delivery Hero, headquartered in Berlin, announced on Saturday that it has received a takeover offer from Uber at 33 euros per share, stating that the company will continue to fully execute its strategic evaluation process. This offer is slightly higher than Delivery Hero's closing price on Thursday. Under the terms, Uber, which holds a 20% stake in Delivery Hero, will need to pay around 8 billion euros. The American company disclosed last Monday that it also holds an additional 5.6% stake in options.