Prosus Sells 5% Stake in Delivery Hero to Aspex in Hong Kong
Prosus NV is selling a 5% interest in Delivery Hero SE to Aspex Management, as noted in an email on Monday.
The transaction will be executed at a 22% premium above Delivery Hero’s 30-day volume weighted average price, following a prior sale of 4.5% of its shares to Uber Technologies. Prosus is anticipated to receive around €335 million ($395 million) from the deal, according to the Amsterdam-based firm.
Prosus will offload shares at €22 each, which represents a 10% increase over the €20 per share it received from Uber and is 10.1% higher than Delivery Hero’s closing price on Friday, based on Bloomberg data.
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This transaction will elevate Aspex’s stake in the German food delivery company to approximately 14%, while Prosus’s ownership will dip to around 17%, according to estimates.
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This agreement is part of Prosus’s commitments made to the European Commission in August of the previous year to reduce its 27% stake in Delivery Hero in order to gain approval for its acquisition of Just Eat Takeaway.com.
The transaction intensifies the pressure on Delivery Hero’s founder and CEO Niklas Östberg, as Aspex has advocated for his removal if management does not proceed with the promised asset sales.
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Delivery Hero’s shares have steadily fallen since their peak during the pandemic, dropping below €15 in March after previously trading around €145 per share.
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