Prosus NV has sold 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 step down, will increase its holding to around 14%. The transaction advances Prosus's pledge to European Commission regulators to cut its stake below 10% by late summer, following its approved takeover of Just Eat Takeaway.com.

Regulatory Pressures Drive Stake Reduction

Prosus committed last August to divest most of its 27% holding in Delivery Hero as a condition for EU antitrust clearance on its Just Eat Takeaway acquisition. Regulators demanded the reduction to below 10% to prevent market dominance in Europe's competitive food delivery sector. This sale drops Prosus's stake to about 17%, leaving further disposals 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. Prosus stands to raise 335 million euros ($395 million), matching the valuation of its April sale of a 4.5% stake to Uber Technologies for 270 million euros.

Aspex Gains Influence Amid Board Tensions

Aspex, already a major investor, gains leverage after pushing for asset sales or leadership changes at Delivery Hero. Its expanded 14% stake positions it to influence strategy in a sector facing high competition and margin pressures. Prosus retains significant ownership but faces ongoing divestment obligations that could reshape shareholder dynamics.

Implications for Food Delivery Consolidation

These moves reflect broader consolidation trends in online food delivery, where mergers trigger strict antitrust scrutiny. Prosus's sales distribute ownership more widely, potentially easing regulatory concerns while injecting capital into Delivery Hero. Investors watch how Aspex's activism shapes the company's path amid economic headwinds in digital marketplaces.