Prosus NV has agreed to sell a 5% stake in Delivery Hero to Aspex Management, the German food delivery firm's second-largest shareholder. Aspex, which has urged Delivery Hero's chief executive to divest assets or resign, will increase its holding to around 14%. The transaction advances Prosus's pledge to European Commission regulators to cut its stake below 10% by late summer, following its acquisition of Just Eat Takeaway.com.
Regulatory Pressures Drive Stake Reduction
Prosus committed last August to divest most of its 27% holding in Delivery Hero as a condition for EU antitrust approval of its Just Eat Takeaway.com takeover. Regulators demanded the reduction to below 10% to address competition concerns in Europe's consolidated food delivery market. This sale drops Prosus's stake to about 17%, leaving further disposals needed before the deadline. Delivery Hero shares rose 7.2% on the announcement, reflecting investor approval of the structured unwind.
Premium Pricing Signals Market Confidence
The deal prices shares at 22 euros each, a 10% premium to Friday's close and 22% above the 30-day volume-weighted average. Prosus stands to raise 335 million euros ($395 million), comparable to the 270 million euros gained from selling 4.5% to Uber Technologies in April. Such premiums highlight Delivery Hero's resilience amid sector consolidation, where platforms face margin pressures from rider wages, customer discounts, and rising fuel costs. Aspex's expanded stake positions it to influence strategy more directly.
Activist Push Reshapes Delivery Hero Strategy
Aspex has pressed Delivery Hero's leadership to accelerate asset sales or replace the CEO, aiming to streamline operations in a competitive landscape dominated by players like Uber Eats and DoorDash. With its stake now nearing 14%, Aspex gains leverage to advocate for divestitures of non-core units, potentially unlocking value for shareholders. Prosus's ongoing sales, while meeting regulatory mandates, also allow it to recycle capital into other investments, underscoring the interplay of antitrust rules and shareholder activism in tech-enabled services.
Implications for Food Delivery Consolidation
Europe's food delivery sector has seen waves of mergers, prompting regulators to enforce divestitures that redistribute ownership among investors. This transaction bolsters Aspex's role while Prosus complies, but sustained share price gains depend on Delivery Hero executing cost controls and market share defense. Broader market dynamics, including labor regulations and urban expansion limits, will test whether such ownership shifts foster efficiency or merely redistribute influence.
