Global investment powerhouse Prosus N.V. announced on May 11, 2026, that it has reached an agreement to sell a 5% interest in Delivery Hero to Aspex Management. The transaction is a critical step in Prosus’s ongoing effort to satisfy European antitrust requirements following its major acquisition of Just Eat Takeaway.com last year.
Financial Highlights of the Deal
The sale involves approximately 15.2 million ordinary shares priced at €22.00 per share. This price represents a significant vote of confidence in the German food delivery giant, reflecting a 10% premium over the most recent closing price and a 22% premium over the 30-day volume-weighted average price (VWAP).
The deal is expected to generate gross proceeds of approximately €335 million ($395 million) for Prosus. News of the transaction sent Delivery Hero’s stock climbing, with shares jumping over 10% in real-time trading following the announcement.
Meeting Regulatory Mandates
The primary driver behind the divestment is a set of commitments made to the European Commission in August 2025. To secure approval for its takeover of Just Eat Takeaway.com, Prosus agreed to reduce its stake in Delivery Hero—originally 27%—to below 10% by late summer 2026.
This transaction follows a 4.5% stake sale to Uber Technologies in April 2026 for €270 million. With this latest move, Prosus has reduced its holding to approximately 17%, meaning further sell-downs will be required in the coming months to meet the EU’s looming regulatory deadline.
Shift in Shareholder Power
For Aspex Management, the buyer and Delivery Hero’s second-largest shareholder, the deal increases its total stake to roughly 14%. Aspex has been a vocal presence in the company’s governance, reportedly pressuring leadership to divest underperforming assets or consider executive changes to drive value.
By acquiring this additional 5%, Aspex solidifies its influence over Delivery Hero’s future strategy at a time when the food delivery sector faces intense pressure to achieve sustainable profitability. For Prosus, the sale successfully balances regulatory compliance with a high-premium exit, liquidating a portion of its portfolio as it integrates its new Just Eat Takeaway.com operations.
Shares in Delivery Hero jumped 7.2% following the news. (Investing.com)
