Uber Technologies is borrowing in euros for the first time in its history, holding investor meetings this week ahead of a five-part bond offering that will help finance the company's takeover bid for German food-delivery giant Delivery Hero.

The company met with fixed-income investors Sept. 7 and 8 to gauge appetite for the debut deal, according to Bloomberg, which first reported Uber had hired banks to arrange the sale. A five-part structure typically spreads borrowing across several maturities, letting a company lock in a mix of shorter- and longer-term financing in a single sale.

Riding investment-grade status into Europe

The move follows Uber's securing of investment-grade credit ratings in 2025 — a milestone that opened the door to cheaper borrowing costs and a far wider pool of institutional buyers than the high-yield market it relied on for years as a cash-burning startup. Tapping the euro market specifically lets Uber borrow in the same currency as much of its European revenue and, according to MarketScreener's reporting, aligns with the financing structure behind one of its biggest pending deals.

UBER'S FIRST-EVER EURO BOND IS TIED DIRECTLY TO ITS DELIVERY HERO TAKEOVER BID

In July, Uber entered a €14.2 billion euro-denominated bridge credit agreement connected to its voluntary public takeover offer for Delivery Hero SE, the publicly traded German food-delivery platform that operates well beyond Uber's existing footprint across the Middle East, Asia and Latin America. A bridge loan is meant to be temporary financing — the euro bond sale now underway is widely read by analysts as the first step toward permanently refinancing that bridge with longer-term debt.

Uber is one of a growing list of U.S. technology companies turning to European bond markets as domestic borrowing costs have climbed and euro-denominated debt has become comparatively attractive. The company's 10-Q filing with the Securities and Exchange Commission confirmed the Delivery Hero bridge facility earlier this year.

Terms of the bond, including size and pricing, are expected to be finalized once the roadshow concludes, with the deal expected to price within days pending market conditions.