Prosus N.V. has agreed to sell 13,582,342 shares in Delivery Hero SE to Uber Technologies, Inc., for €20.00 each, generating gross proceeds of about €270 million. This transaction reduces Prosus's stake in the German food delivery firm from 26.3% to 21.8% and comes at a 22% premium to Delivery Hero's recent average trading price. The deal fulfills part of regulatory conditions tied to Prosus's acquisition of Just Eat Takeaway.com.
Regulatory Pressures Shape the Deal
The European Commission approved Prosus's purchase of Just Eat Takeaway.com in August 2025, but only after imposing strict remedies. Prosus faced requirements to sharply cut its holdings in Delivery Hero to address competition concerns in Europe's crowded online food delivery market. Delivery Hero and Just Eat Takeaway.com compete directly with Uber Eats across multiple countries, raising fears of reduced rivalry if Prosus controlled stakes in both.
Strategic Moves in Food Delivery Consolidation
Prosus, a global technology investor with roots in South Africa's Naspers, built its Delivery Hero position over years of stake-building in high-growth delivery platforms. The sector has seen intense merger activity as companies chase scale amid rising costs and shifting consumer habits post-pandemic. Uber's purchase strengthens its European foothold, where it has expanded aggressively through acquisitions and partnerships to challenge local leaders.
Future Stake Reduction and Market Outlook
Prosus plans to divest the rest of its Delivery Hero shares within the Commission's timeline, signaling a full exit from this investment. This shift allows Prosus to concentrate resources on its enlarged Just Eat Takeaway.com position, now rebranded under Prosus control. For Delivery Hero, the capital infusion to Uber dilutes Prosus influence but introduces a cash-rich partner focused on long-term delivery dominance.