Following weeks of conjecture, Uber has formally consented to purchase Delivery Hero, a transaction that will elevate the ride-hailing and delivery behemoth’s status and expand its reach to nearly 100 markets across Europe, the Middle East, Latin America, and Asia.

The Germany-based Delivery Hero has also signed a separate agreement to divest its operations in 14 markets where Uber Eats is already present, transferring them to the New York-based investment group SSW Partners for $1.6 billion.

The $14.8 billion all-stock acquisition is not yet finalized. This deal will position Uber’s delivery service as one of the largest globally, specifically the largest outside of China, and it is likely to encounter regulatory examination. Moreover, Uber, already the principal shareholder of Delivery Hero, has established a minimum acceptance criterion of 50%, plus one share of Delivery Hero’s total share capital. Prosus, another key shareholder, has also agreed to liquidate its 17% interest, as per the announcement.

Should the transaction be finalized, Uber will effectively double its market presence, enhancing its ability to compete with DoorDash and Just Eat.

“Together, we will nearly double the number of markets where we provide both mobility and delivery services, scaling a tested platform that we believe will generate considerable long-term value for our customers and shareholders,” stated Uber CEO Dara Khosrowshahi.