UBER
Deal machine, but make it Uber
Uber is back in shopping mode. According to the note, the company has fully bought out Delivery Hero and now plans to acquire corporate catering platform ezCater, with the two deals potentially costing as much as $13 billion once you count the remaining Delivery Hero shares.
That’s a lot of cheddar, but BTIG’s Jake Fuller argues the price tag may still pencil out. He says the deals should add more than $66 billion to bookings, lift Uber’s revenue take-rate by more than a point, and put 2027 bookings at about $341 billion with revenue around $87 billion.
The part investors will actually care about
The analyst also sees pro forma EBITDA landing at $16.6 billion, with margins near 19%, and says the acquisitions could be about 5% accretive to earnings before any extra boost from overlapping Delivery Hero market divestitures. In other words: Uber is trying to buy growth and efficiency at the same time, which is a very Uber thing to attempt.
- BTIG kept its Buy rating and $100 price target.
- The ezCater deal is expected to close in the coming months.
- The Delivery Hero remaining-shares deal is expected to close in the back half of 2027.
Big picture: Uber’s not just trying to move people and food anymore — it’s trying to become the king of logistics gravity. Whether the market rewards that ambition or just hands it a bigger bill is the fun part.