Key Highlights
- Delivery Hero shares climbed over 7% following Prosus’s announcement of transferring a 5% ownership position to Aspex Management
- Transaction pricing stands at €22 per share — representing a ~10% premium over Friday’s closing price and 22% above the 30-day VWAP
- Prosus expects to receive approximately €335 million (~$395 million) in gross proceeds
- Transaction fulfills EU competition authority requirements connected to Prosus’s Just Eat Takeaway acquisition
- Post-transaction, Aspex’s ownership increases to ~14%, whereas Prosus holds ~17% — exceeding the mandated reduction target
Shares of Delivery Hero (DHER) rallied more than 7% during Monday trading after Prosus revealed plans to transfer a 5% ownership stake in the Berlin-based food delivery platform to Hong Kong investment firm Aspex Management.
The transaction carries a price tag of €22 per share. This valuation reflects approximately a 10% premium over Delivery Hero’s Friday closing price, along with a 22% premium relative to its 30-day volume-weighted average price.
Prosus anticipates generating gross proceeds totaling approximately €335 million, equivalent to around $395 million.
Aspex currently ranks as Delivery Hero’s second-largest investor. The firm has actively advocated for the company’s CEO to either divest additional assets or resign from the leadership position.
Once the transaction concludes, Aspex’s ownership position in Delivery Hero will expand to approximately 14%.
Prosus, on the other hand, will reduce its holding to roughly 17% — a figure that remains considerably above the regulatory requirement it must satisfy.
EU Competition Requirements Prompting Divestments
The divestment stems directly from stipulations imposed by the European Commission. Last August, the EC granted approval for Prosus’s acquisition of Just Eat Takeaway, while simultaneously mandating that Prosus reduce its Delivery Hero ownership below 10% before the end of summer.
When the acquisition received approval, Prosus maintained approximately 27% ownership of Delivery Hero. The EU’s mandate to drop below 10% indicates the company faces additional divestment obligations ahead.
This marks the second significant ownership reduction within recent weeks.
During April, Prosus transferred a 4.5% stake in Delivery Hero to Uber Technologies for €270 million. The current Aspex transaction carries pricing comparable to that earlier deal.
Additional Divestments Expected Before Deadline
Combined, the Uber and Aspex transactions have brought Prosus’s ownership down from approximately 27% to roughly 17%.
Meeting the EU’s mandated sub-10% threshold ahead of the late summer deadline requires Prosus to divest at least an additional 7% of Delivery Hero ownership.
Further stake transfers appear probable in the coming months, though Prosus has yet to announce any additional transactions publicly.
Aspex’s expanded position — currently standing at roughly 14% — establishes the firm as a significant player within Delivery Hero’s ownership structure.
The investment firm’s ongoing pressure on Delivery Hero’s CEO regarding asset sales or leadership changes introduces additional complexity to the company’s internal dynamics going forward.
Prosus operates as an Amsterdam-listed technology investment company maintaining diverse holdings throughout global tech markets.
Delivery Hero, with headquarters in Berlin, manages food delivery operations spanning numerous international markets.
The agreed €22 share price and the resulting €335 million proceeds for Prosus represent the primary financial parameters of Monday’s agreement.
