Eight law firms have counselled on Uber’s EUR13 billion (USD14.8 billion) agreement to buy Germany’s Delivery Hero in a multi-jurisdictional deal that on completion will establish the largest food delivery group outside China and includes the latter’s Asia operations such as foodpanda.
Under the agreement terms, Uber will acquire Delivery Hero’s foodpanda network in Bangladesh, Cambodia, Hong Kong, Laos, Malaysia, Myanmar, Pakistan, the Philippines and Singapore. It will also acquire Delivery Hero’s South Korean business, operated under the Baedal Minjok brand.
The transaction, including Asia, spans 99 jurisdictions across Europe, South America and the Middle East. As part of the wider deal, Delivery Hero has entered into a separate agreement with New York-based investment firm SSW Partners covering 14 markets, primarily in Europe and South America, for EUR1.4 billion.
Morrison Foerster advised Delivery Hero’s supervisory board on the legal aspects of the takeover and related transactions, including executive compensation and the supervisory board’s duties in this process.
Berlin-based partner and co-head of the firm’s European M&A practice Dirk Besse led the deal team, alongside partners Sebastian Schwalme and Alexander Israel, counsel Julian Gebauer and Jakob Tybus, and senior associates Omid Ebrahimzadeh and Christin Dunkel.
“Morrison & Foerster is advising the supervisory board of Delivery Hero SE on all legal and strategic aspects of the transaction. The transaction is subject to a number of merger control as well as other regulatory clearances in different jurisdictions. Therefore, a completion is expected in the second half of 2027,” Besse told Asia Business Law Journal.
“The public takeover offer shall be executed in parallel to a sale of a number of markets and businesses by Delivery Hero, as well as other sellers of the Delivery Hero group to SSW Partners.”
Sullivan & Cromwell acted as legal counsel to Delivery Hero, with the team led by Frankfurt managing partner Carsten Berrar, partner Florian Späth and European counsel Lars Rueve.
Clifford Chance advised on antitrust and regulatory matters. The firm’s team comprised head of the UK antitrust practice Nelson Jung and partner Stavroula Vryna.
Freshfields advised Uber on the transaction, with the team consisting of global managing partner Rick van Aerssen, global co-head of tech, media and telecoms Lars Meyer and partners Sabrina Kulenkamp, James Aitken and Vanessa van Weelden.
Wachtell Lipton Rosen & Katz also assisted Uber, serving as legal adviser. The team was led by co-chair of the firm’s executive committee Andrew Nussbaum and partner Ahsan Barkatullah.
Baker Botts, Gibson Dunn and Hengeler Mueller were legal advisers to SSW Partners on its transaction with Delivery Hero.
Reuters said the deal positioned Uber to better compete with food delivery platforms Just Eat and DoorDash.
