Prosus, the Amsterdam-listed global consumer internet group, has further reduced its stake in food delivery platform Delivery Hero, generating approximately €335 million (R6.5 billion) from the sale of a 5% interest to Aspex Management. This transaction marks another step in Prosus’s strategic divestment, driven by regulatory mandates from the European Commission.
The recent sale to Aspex Management, a Hong Kong-based investment firm managing assets valued at around $14 billion (R271.6 billion), follows a similar divestment less than a month prior. In that instance, Prosus sold a 4.5% stake in Delivery Hero to Uber, a direct competitor in the food delivery sector through its Uber Eats division, for approximately €270 million (R5.24 billion).
The European Commission imposed a condition on Prosus to reduce its holding in Frankfurt-listed Delivery Hero to below 10% by August 2026. This regulatory requirement stemmed from competition concerns identified during the Commission’s approval of Prosus’s acquisition of Just Eat Takeaway.com (JET) in August 2025. Both JET and Delivery Hero operate in several overlapping markets across Europe, prompting the antitrust intervention.
Following the latest transaction, Prosus retains an interest of nearly 18% in Delivery Hero, indicating further divestments will be necessary to meet the stipulated deadline. The shares sold to Aspex Management, totalling over 15 million, were priced at an average of €22.00 per share, representing a premium of approximately 10% over Delivery Hero’s 30-day volume-weighted average price as of 8 May. This premium suggests strong market confidence in Delivery Hero’s valuation despite the ongoing divestment by a major shareholder.
Prosus’s broader portfolio includes significant investments in other prominent delivery platforms, such as iFood in Brazil and Swiggy in India, underscoring its continued commitment to the global food delivery ecosystem. Fabricio Bloisi, the current Chief Executive Officer of Prosus, previously led iFood, highlighting the company’s deep operational expertise within the sector.
The announcement of the sale preceded the opening of the Johannesburg Stock Exchange. Prosus’s share price has experienced a decline of nearly 23% year-to-date, and approximately 12% over a 52-week period. Similarly, its parent company, Naspers, has seen its share price fall by about 19% year-to-date and 12% over the past 52 weeks. These market movements reflect broader investor sentiment and the complexities of managing a diverse global internet portfolio amidst evolving regulatory landscapes and competitive pressures.
| Company | Year-to-Date Share Price Change | 52-Week Share Price Change |
| Prosus | -23% | -12% |
| Naspers | -19% | -12% |
References
WSJ. (n.d.). Prosus Sells Part of Delivery Hero Stake to Aspex Management for About $395 Million.