Delivery Hero (DHER) stock surged more than 7% on Monday after Prosus announced it was selling a 5% stake in the German food delivery company to Hong Kong-based investment firm Aspex Management.
The deal is priced at €22 per share. That represents roughly a 10% premium to Delivery Hero’s closing price on Friday, and a 22% premium to its 30-day volume-weighted average price.
Prosus expects gross proceeds of approximately €335 million, or around $395 million.
Aspex is already Delivery Hero’s second-largest shareholder. It has also been pushing the company’s CEO to sell more assets or step down.
Following the transaction, Aspex’s stake in Delivery Hero will rise to around 14%.
Prosus, meanwhile, will see its holding fall to approximately 17% — still well above the regulatory threshold it needs to meet.
The sale is directly tied to conditions set by the European Commission. In August last year, the EC approved Prosus’s takeover of Just Eat Takeaway, but required Prosus to cut its Delivery Hero holding to below 10% by late summer.
At the time of the deal, Prosus held around 27% of Delivery Hero. The EU’s demand to get below 10% means the company still has more selling to do.
This is the second major stake disposal in recent weeks.
In April, Prosus sold a 4.5% stake in Delivery Hero to Uber Technologies for €270 million. The latest deal with Aspex is priced at a similar level to that transaction.
Together, the Uber and Aspex deals have reduced Prosus’s stake from around 27% to approximately 17%.
To meet the EU’s sub-10% requirement before the late summer deadline, Prosus will need to offload at least another 7% of Delivery Hero.
That means more stake sales are likely on the way, though Prosus has not confirmed any further transactions at this time.
Aspex’s growing position — now at roughly 14% — makes it a major force in Delivery Hero’s shareholder base.
The investment firm’s pressure on Delivery Hero’s CEO to divest assets or step aside adds another layer to how this situation may develop at the company level.
Prosus is an Amsterdam-listed technology investor with broad holdings across global tech companies.
Delivery Hero, headquartered in Berlin, operates food delivery platforms across multiple markets.
The agreed share price of €22 and the resulting €335 million in proceeds for Prosus are the key financial terms of Monday’s transaction.
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