A nearly $15 billion deal accelerates as Uber Technologies, Inc. (UBER.US) obtains board approval to acquire Delivery Hero.

Germany's delivery platform Delivery Hero's board of directors has voted to accept the acquisition offer made by Uber Technologies, Inc. (UBER.US), marking a significant step forward for the nearly $15 billion deal. Delivery Hero stated on Wednesday that the board believes the offer is in the best interest of shareholders and that the price of 41.50 per share is fair and reasonable. The window for shareholders to accept the offer will close on November 5. Uber Technologies, Inc. announced this acquisition agreement targeting the European food delivery company in July this year, aiming to expand its global business footprint. Uber Technologies, Inc. currently holds approximately 25% of Delivery Hero's shares directly and stated at the time of the announcement that the deal is still subject to regulatory approval. The food delivery industry experienced explosive growth during the COVID-19 pandemic, but in recent years, there has been a clear trend of industry consolidation. Competitor DoorDash Inc. (DASH.US) reached an agreement last year to acquire the UK-based Deliveroo Plc; Prosus has also completed a deal to acquire Just Eat Takeaway.com NV. In addition, Uber Technologies, Inc. announced on the same day that it will undergo layoffs and business restructuring, aiming to streamline management levels and reallocate resources to the most strategically prioritized core business areas. According to an internal email, Uber Technologies, Inc. CEO Dara Khosrowshahi announced that the company will cut approximately 10% of its global workforce.