Key Highlights
- Shares of Delivery Hero climbed more than 7% following Prosus’s announcement of a stake transfer to Aspex Management
- Transaction valued at €22 per share — representing approximately 10% above Friday’s closing price and 22% over the 30-day VWAP
- Prosus set to collect roughly €335 million (approximately $395 million) through this sale
- Transaction fulfills part of EU competition regulatory requirements linked to Prosus’s Just Eat Takeaway purchase
- Post-transaction, Aspex will hold approximately 14% while Prosus retains roughly 17% — exceeding the mandated divestment target
Shares of Delivery Hero (DHER) experienced a significant rally exceeding 7% during Monday’s trading session after Prosus revealed plans to transfer a 5% ownership position in the Berlin-based food delivery platform to Aspex Management, a Hong Kong investment entity.
The transaction has been structured at €22 per share. This pricing reflects approximately a 10% markup compared to Delivery Hero’s Friday closing value, and commands a 22% premium relative to the company’s 30-day volume-weighted average trading price.
Prosus anticipates receiving gross proceeds totaling approximately €335 million, equivalent to roughly $395 million USD.
Aspex currently ranks as Delivery Hero’s second-largest institutional investor. The firm has been actively advocating for the company’s chief executive to pursue additional asset divestments or consider resignation.
Upon completion of this deal, Aspex’s ownership position in Delivery Hero will expand to approximately 14%.
Meanwhile, Prosus will reduce its stake to roughly 17% — a figure that remains considerably above the regulatory divestment requirement it must ultimately satisfy.
Regulatory Compliance Fuels Divestment Strategy
This divestment directly stems from requirements imposed 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 to under 10% by late summer of this year.
When the approval was granted, Prosus maintained approximately 27% ownership in Delivery Hero. The EU’s mandate to drop below 10% indicates the company faces additional selling requirements ahead.
This marks the second significant ownership reduction in recent months.
During April, Prosus divested a 4.5% stake in Delivery Hero to Uber Technologies for €270 million. The current Aspex agreement carries pricing comparable to that earlier transaction.
Additional Divestments Expected Ahead
Combined, the Uber and Aspex transactions have brought Prosus’s ownership down from roughly 27% to approximately 17%.
To satisfy the EU’s sub-10% mandate before the late summer compliance deadline, Prosus must dispose of at least an additional 7% stake in Delivery Hero.
This indicates further ownership reductions are probable, although Prosus has not publicly disclosed details of any additional planned transactions.
Aspex’s expanding stake — now approaching 14% — positions 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 corporate governance dynamics.
Prosus operates as an Amsterdam-listed technology investment company with diverse holdings spanning global technology enterprises.
Delivery Hero, based in Berlin, maintains food delivery operations across numerous international markets.
The negotiated share price of €22 and the resulting €335 million in proceeds represent the core financial parameters of Monday’s announced transaction.
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