Delivery Hero (DHER) Stock Surges 7% Following Prosus-Aspex Stake Deal

Key Takeaways

• Delivery Hero shares climbed more than 7% following Prosus’s announcement of a 5% stake sale to Aspex Management
• The transaction is valued at €22 per share — representing approximately a 10% premium over Friday’s closing price and 22% above the 30-day volume-weighted average
• Prosus stands to generate around €335 million (approximately $395 million) in proceeds
• The divestment fulfills part of European Commission antitrust obligations linked to Prosus’s Just Eat Takeaway acquisition
• Post-transaction, Aspex will hold roughly 14% while Prosus retains approximately 17% — still exceeding the mandated regulatory limit

Shares of Delivery Hero (DHER) jumped over 7% on Monday following Prosus’s disclosure that it would divest a 5% ownership position in the Berlin-based food delivery platform to Hong Kong investment firm Aspex Management.

Delivery Hero SE, DHER.DE

The transaction values shares at €22 each. This pricing reflects approximately a 10% premium compared to Delivery Hero’s Friday market close, and marks a 22% premium relative to the company’s 30-day volume-weighted average price.

Prosus anticipates collecting gross proceeds totaling approximately €335 million, equivalent to roughly $395 million.

Aspex currently ranks as Delivery Hero’s second-largest institutional investor. The firm has been actively advocating for the company’s chief executive to pursue additional asset divestments or consider resignation.

Once finalized, this transaction will elevate Aspex’s ownership position to approximately 14% of Delivery Hero.

Meanwhile, Prosus’s stake will decline to roughly 17% — a figure that remains significantly above the regulatory ceiling it must achieve.

European Commission Mandates Behind Divestment Strategy

The stake sale stems directly from regulatory stipulations imposed by the European Commission. Last August, the EC granted approval for Prosus’s acquisition of Just Eat Takeaway, but attached a critical condition: Prosus must reduce its Delivery Hero ownership below 10% by late summer this year.

When the Just Eat Takeaway deal closed, Prosus controlled approximately 27% of Delivery Hero. The EU’s requirement to drop below 10% means substantial additional selling remains necessary.

This marks the second significant stake reduction in recent months.

Last month, Prosus divested a 4.5% position in Delivery Hero to Uber Technologies for €270 million. The current Aspex transaction carries a comparable per-share valuation.

Further Disposals Expected Before Deadline

Combined, the Uber and Aspex transactions have trimmed Prosus’s ownership from approximately 27% down to roughly 17%.

To satisfy the European Commission’s sub-10% mandate ahead of the late summer compliance deadline, Prosus must dispose of at least an additional 7% stake in Delivery Hero.

This indicates additional share sales are virtually certain, although Prosus has not publicly announced any subsequent transactions to date.

Aspex’s expanding stake — now approaching 14% — positions it as a dominant voice among Delivery Hero’s shareholder community.

The investment firm’s ongoing pressure on Delivery Hero’s chief executive regarding asset sales and leadership changes introduces additional complexity to the company’s strategic direction.

Prosus operates as an Amsterdam-listed technology investment company with an extensive portfolio spanning global technology enterprises.

Delivery Hero, based in Berlin, runs food delivery operations across numerous international markets.

The agreed €22 share price and resulting €335 million in proceeds for Prosus represent the core financial parameters of Monday’s announced deal.

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