Prosus N.V. has agreed to sell 13,582,342 shares in Delivery Hero SE to Uber Technologies, Inc., for €20.00 each, yielding gross proceeds of about €270 million. This transaction reduces Prosus's stake in the German food delivery firm from 26.3% to 21.8% of issued share capital. The deal fulfills part of regulatory conditions tied to Prosus's acquisition of Just Eat Takeaway.com, approved by the European Commission in August 2025.
Regulatory Pressures Shape Stake Reduction
European antitrust authorities imposed strict remedies on Prosus's purchase of Just Eat Takeaway.com to prevent excessive concentration in the online food delivery market. Delivery Hero competes directly with Just Eat Takeaway in several European countries, where both platforms vie for restaurant partnerships and customer orders. Prosus, a major investor in global tech firms through its parent Naspers, faced requirements to divest a significant portion of its Delivery Hero holding to secure approval. This sale represents an initial step, with Prosus committing to offload the rest within the mandated timeframe.
Premium Pricing Reflects Market Dynamics
The €20.00 per share price marks a 22% premium over Delivery Hero's one-month volume-weighted average as of Wednesday. Such pricing signals strong buyer interest from Uber, which has expanded aggressively into food delivery through its Uber Eats service. Uber gains a foothold in Delivery Hero's operations across Europe, Latin America, and Asia, potentially bolstering its global network. For Prosus, the proceeds provide capital to deploy elsewhere amid volatile tech valuations.
Implications for Food Delivery Consolidation
This move underscores ongoing consolidation in the €150 billion global online delivery sector, where scale determines dominance in logistics and data analytics. Prosus's reduced exposure limits its influence over Delivery Hero's strategy, including potential mergers or expansions. Uber's entry as a shareholder could accelerate partnerships or integrations, intensifying competition with rivals like DoorDash. Investors watch how remaining divestitures affect Delivery Hero's valuation and Prosus's portfolio focus on other tech bets.
