Prosus NV has agreed to sell a 5% equity stake in Delivery Hero to Aspex Management, the German investor that is the food delivery company’s second-largest shareholder and has been pushing for more decisive action at the company’s helm. The transaction is priced at 22 euros per Delivery Hero share and is expected to generate about 335 million euros for Prosus.
The disposal is one element of commitments Prosus made to the European Commission last August when it secured antitrust approval for its takeover of Just Eat Takeaway.com. As part of that approval, Prosus agreed to reduce the bulk of its roughly 27% investment in Delivery Hero. EU competition authorities have stipulated that Prosus must lower its stake to under 10% by late summer.
At 22 euros a share, the sale represents about a 10% premium to Delivery Hero’s closing price on the prior Friday and roughly a 22% premium to the company’s 30-day volume-weighted average price. Prosus previously sold a 4.5% holding in Delivery Hero to Uber Technologies in April for 270 million euros; the current trade is priced at a similar per-share level to that earlier sale.
Following completion of the transaction, Aspex’s ownership in Delivery Hero will be approximately 14%, while Prosus’s stake will be reduced to about 17%. That level remains above the threshold Prosus is required to meet by late summer under the European Commission’s conditions.
Context and market reaction
The terms of the sale reflect a premium that values Delivery Hero above its recent trading levels, while continuing Prosus’s staged reduction of its holding as required by regulators. The move increases Aspex’s influence at Delivery Hero and leaves Prosus with further mandated divestments to complete in the months ahead.
Key points
- Prosus sells 5% of Delivery Hero to Aspex at 22 euros a share, generating about 335 million euros.
- The transaction is part of Prosus’s commitments to the European Commission tied to its acquisition of Just Eat Takeaway.com, which requires reducing its Delivery Hero stake below 10% by late summer.
- After the deal, Aspex will own about 14% of Delivery Hero while Prosus’s stake will fall to roughly 17%; further reductions will be needed to meet the regulatory deadline.
Risks and uncertainties
- Regulatory compliance risk - Prosus remains above the EU-mandated threshold and must execute additional disposals by late summer to satisfy the European Commission’s conditions.
- Execution and timing risk - Prosus will need to complete further sales within a defined timeframe, which could affect pricing or market reception for remaining share dispositions.
- Shareholder dynamics - The increase in Aspex’s stake to about 14% shifts the ownership mix at Delivery Hero and could intensify pressure on management or strategic direction.
This report presents the transaction details, regulatory context and the immediate implications for ownership stakes without projecting further outcomes beyond the facts disclosed in the transaction announcements.