Prosus NV has agreed to sell a 5% stake in Delivery Hero to Aspex Management, the German food delivery firm's second-largest shareholder. Aspex, which has urged Delivery Hero's chief executive to divest assets or resign, will increase its holding to around 14%. The transaction advances Prosus's efforts to comply with European Commission mandates stemming from its acquisition of Just Eat Takeaway.com.

Regulatory Pressures Drive Stake Reduction

Prosus committed last August to cut most of its 27% stake in Delivery Hero to secure EU antitrust approval for its takeover of Just Eat Takeaway.com. Regulators required Prosus to drop below 10% by late summer, aiming to prevent market dominance in Europe's competitive food delivery sector. This sale reduces Prosus's position to about 17%, leaving further divestitures needed to meet the deadline.

Premium Pricing Signals Investor Confidence

The deal prices shares at 22 euros each, a 10% premium to Delivery Hero's Friday close and 22% above its 30-day volume-weighted average. Delivery Hero shares rose 7.2% on the announcement, reflecting market approval. Prosus stands to raise roughly 335 million euros ($395 million), mirroring the valuation from its April sale of a 4.5% stake to Uber Technologies for 270 million euros.

Aspex Gains Influence Amid Strategic Tensions

Aspex emerges stronger as Delivery Hero's second-largest shareholder after the purchase. The investor has pushed for asset sales or a leadership change, spotlighting pressures on the company to streamline operations in a crowded market. Prosus retains significant influence at 17%, but ongoing sales could reshape shareholder dynamics and Delivery Hero's strategic direction.

Implications for Food Delivery Consolidation

This move underscores ongoing consolidation in Europe's food delivery industry, where mergers face intense regulatory scrutiny. Prosus's dual role as investor and acquirer highlights how antitrust conditions force portfolio adjustments. For Delivery Hero, heightened Aspex involvement may accelerate divestitures, potentially sharpening focus but exposing it to activist demands in a sector marked by high competition and slim margins.