Key Highlights
- Shares of Delivery Hero climbed more than 7% following Prosus’s announcement of a 5% stake divestment to Aspex Management
- The transaction is valued at €22 per share — representing a ~10% premium over Friday’s closing price and 22% above the 30-day VWAP
- Prosus is set to generate approximately €335 million (~$395 million) in gross proceeds
- The divestment stems from EU regulatory requirements linked to Prosus’s Just Eat Takeaway acquisition
- Following completion, Aspex will hold ~14% of Delivery Hero, while Prosus retains ~17% — still exceeding the mandated threshold
Shares of Delivery Hero (DHER) climbed over 7% during Monday’s trading session after Prosus revealed plans to divest a 5% ownership position in the Berlin-based food delivery platform to Aspex Management, a Hong Kong investment firm.
The transaction is valued at €22 per share. This pricing reflects approximately a 10% markup compared to Delivery Hero’s Friday closing price, and sits 22% higher than its 30-day volume-weighted average price.
Prosus anticipates receiving gross proceeds of roughly €335 million, equivalent to about $395 million.
Aspex Management currently ranks as Delivery Hero’s second-largest investor. The firm has been actively advocating for the company’s chief executive to pursue additional asset disposals or resign from his position.
Upon completion of this transaction, Aspex’s ownership in Delivery Hero will increase to approximately 14%.
Meanwhile, Prosus will reduce its position to roughly 17% — a figure that remains significantly above the regulatory ceiling it must achieve.
Regulatory Mandate Fuels Stake Reduction
The divestment directly fulfills requirements established by the European Commission. Last August, the EC granted approval for Prosus’s acquisition of Just Eat Takeaway, contingent upon Prosus reducing its Delivery Hero ownership below 10% before late summer.
When the acquisition was finalized, Prosus controlled approximately 27% of Delivery Hero. The EU’s mandate to drop below 10% signals that additional stake sales remain necessary.
This marks the second significant divestment in recent months.
During April, Prosus transferred a 4.5% stake in Delivery Hero to Uber Technologies for €270 million. The current Aspex transaction carries similar pricing to that earlier deal.
Additional Stake Sales Expected Before Deadline
Combined, the Uber and Aspex transactions have trimmed Prosus’s ownership from roughly 27% down to approximately 17%.
To satisfy the EU’s requirement of dropping below 10% ahead of the late summer deadline, Prosus must dispose of at minimum another 7% of its Delivery Hero holdings.
This indicates that further stake sales are probable in the coming months, although Prosus has not publicly disclosed any additional planned transactions.
Aspex’s expanded position — now approaching 14% — establishes it as a significant player within Delivery Hero’s ownership structure.
The investment firm’s ongoing pressure on Delivery Hero’s chief executive regarding asset sales or leadership changes introduces additional complexity to the company’s internal dynamics.
Prosus operates as an Amsterdam-listed technology investment vehicle with diversified holdings spanning global technology enterprises.
Delivery Hero, based in Berlin, manages food delivery operations across numerous international markets.
The agreed valuation of €22 per share and the corresponding €335 million proceeds for Prosus constitute the primary financial elements of Monday’s announced transaction.
