The global ride-hailing and delivery giant Uber has significantly strengthened its position in Germany’s Delivery Hero, raising its stake to 24.99% from a previous 19.5%. A regulatory filing published on Wednesday confirmed the transaction, which closely coincides with Hong Kong-based asset manager Aspex reducing its own holdings in the Berlin-based food delivery firm from 14.55% to 7.56%. Reports indicate that Uber acquired the entirety of Aspex’s divested shares, utilizing both direct equity and derivatives at a price just under 40 euros per share. This strategic move, which values Delivery Hero at approximately twelve billion euros, effectively secures Uber a total grip of nearly 37% on the company when combined with other positions.(Reuters)
This aggressive acquisition strategy marks a rapid escalation from earlier negotiations. Delivery Hero recently confirmed receiving a non-binding offer from Uber valued at 33 euros per share, but this latest transaction establishes a substantially higher benchmark for a potential takeover. Uber’s momentum is further aided by regulatory pressures facing other major investors, such as the Dutch technology firm Prosus. Prosus, which currently holds a 21.8% stake after selling a portion to Uber in April, is under a European Union mandate to reduce its holdings below 10% by August following a separate industry acquisition, though it has reportedly requested an exemption from further forced sales.
The shifting ownership structure comes at a time of internal transition for Delivery Hero. Aspex had been an outspoken critic of the company’s current management, pushing for aggressive restructuring, regional exits, and criticizing the profitability of the business compared to its peers. Amid these pressures, Delivery Hero has initiated a review of its strategic options, and its founder and CEO, Niklas Östberg, has announced his upcoming departure. Following the news of Uber’s increased stake, Delivery Hero’s shares climbed 1.5% on Wednesday to 39.35 euros, capping off a remarkable period that has seen the company’s stock price nearly double over the past three weeks.
