LONDON, May 11 – Dutch technology investor Prosus is selling a 5% stake in Delivery Hero to Hong Kong-based investment firm Aspex Management in a deal valued at about €335 million ($395 million).
The transaction will increase Aspex’s holding in the German food-delivery company to roughly 14%, while reducing Prosus’s stake to around 17%. The move comes weeks after it sold around 4.5% of its stake in Delivery Hero to U.S. tech company Uber, as part of remedies tied to its acquisition of Just Eat Takeaway.
Prosus said the shares would be sold at €22 each, representing a 22% premium to Delivery Hero’s 30-day volume weighted average share price. The sale price is also about 10% higher than the level at which Prosus sold a separate 4.5% stake to Uber Technologies in April.
The move comes as pressure intensifies on Delivery Hero founder and Chief Executive Officer Niklas Östberg to accelerate asset disposals and improve shareholder returns.
Aspex, already one of Delivery Hero’s largest shareholders, has reportedly pushed for broader restructuring efforts and additional divestments, warning that leadership changes could be necessary if management fails to act decisively.
Delivery Hero operates in about 65 countries and has been reshaping its portfolio amid slowing investor confidence in the global food-delivery sector.
Earlier this year, the company agreed to sell its Taiwan operations to Grab Holdings for $600 million as part of its broader effort to streamline operations and strengthen finances.
“As long-term shareholders in Delivery Hero, we have increased our stake, reaffirming our belief in the value upside for the company,” Aspex Chief Investment Officer Hermes Li said in a statement.
Li added that the firm intends to continue working constructively with Delivery Hero’s board and management team.
The latest sale is also tied to commitments made by Prosus to the European Commission last year as part of regulatory approval for its acquisition of Just Eat Takeaway.com.
Delivery Hero shares have declined sharply since their pandemic-era peak, falling from around €145 at their high to near €15 earlier this year as investor enthusiasm for food-delivery businesses cooled amid profitability concerns.
