Prosus NV, the Amsterdam-listed technology investment group with a primary listing on the Johannesburg Stock Exchange, has agreed to sell a 5% stake in German food delivery company Delivery Hero to Hong Kong-based investment firm Aspex Management for approximately €335 million, equivalent to $395 million.
The transaction covers 15,188,284 ordinary shares in Delivery Hero, priced at €22.00 per share. That represents a premium of roughly 10% to Delivery Hero’s closing share price and approximately 22% above the 30-day volume-weighted average price as of 8 May 2026.
The deal is not discretionary. In August 2025, the European Commission approved Prosus’s acquisition of Just Eat Takeaway.com, subject to a commitment by Prosus to significantly reduce its shareholding in Delivery Hero. EU antitrust regulators require Prosus to reduce its stake to below 10% by late summer. This latest transaction is the second major disposal in rapid succession.
In April, Prosus sold a 4.5% stake in Delivery Hero to Uber Technologies for around €270 million ($318 million). Combined, the Uber and Aspex transactions have trimmed Prosus’s ownership from approximately 27% down to roughly 17%. With the regulatory threshold set below 10%, Prosus still has at least another 7% to offload before the compliance window closes.
The buyer carries its own strategic weight in this transaction. Aspex Management is the second-largest shareholder of Delivery Hero and has been actively pushing the company’s chief executive officer to offload more assets or leave the company. Once this transaction is finalised, Aspex’s ownership position will rise to approximately 14% of Delivery Hero. That concentration gives Aspex considerably more leverage to pursue the leadership and strategic changes it has been demanding.
Aspex previously raised concerns about Delivery Hero’s strategy of expansion into dozens of markets and flagged the company’s struggle to boost profitability and generate cash flow. By selling directly to Aspex at a premium, Prosus has effectively amplified the voice of one of Delivery Hero’s most confrontational shareholders, introducing a new layer of governance pressure onto the German company’s board.
For Prosus, the transaction represents a disciplined execution of portfolio restructuring under regulatory compulsion rather than a signal of strategic retreat from European technology exposure. The group’s primary focus has been redeploying capital across food delivery, payments, classifieds, and fintech across emerging and developed markets. The JSE listing means South African institutional investors and fund managers with Prosus exposure are directly affected by how aggressively and at what price the remaining Delivery Hero stake is ultimately liquidated.
Delivery Hero shares climbed more than 7% following Prosus’s announcement of the stake sale. The market’s positive reaction reflects relief that the overhang of a major forced seller is being resolved in an orderly manner, rather than through a disorderly block sale at a deeper discount.
What comes next is already visible. 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, indicating additional share sales are virtually certain, although Prosus has not publicly announced any subsequent transactions to date.
The pace and pricing of those remaining disposals will determine how much of the premium Prosus ultimately realises, and whether the market continues to absorb the supply without material price deterioration.
