Prosus N.V. has agreed to sell 13,582,342 shares in Delivery Hero SE to Uber Technologies, Inc., for €20.00 each, yielding 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 fulfills part of regulatory conditions tied to Prosus's acquisition of Just Eat Takeaway.com. The deal, announced Thursday from Amsterdam, underscores ongoing consolidation in Europe's competitive meal delivery sector.
Regulatory Pressures Drive the Divestment
The European Commission approved Prosus's acquisition of Just Eat Takeaway.com in August 2025, but only after imposing strict remedies. Prosus committed to slashing its Delivery Hero holdings substantially to address antitrust concerns over market dominance in online food delivery. Delivery Hero operates in dozens of countries, while Just Eat Takeaway.com holds strong positions across Europe, creating overlap that regulators sought to curb. This sale marks a concrete step toward compliance, with Prosus pledging to offload the rest of its stake within the mandated period.
Premium Pricing Reflects Strategic Value
At €20.00 per share, the price exceeds Delivery Hero's one-month volume-weighted average by 22%, signaling Uber's confidence in the company's growth potential. Uber has expanded aggressively into food delivery through Uber Eats, acquiring stakes in rivals to bolster its global footprint. For Prosus, the proceeds provide capital to support its broader portfolio, which spans tech investments from fintech to e-commerce. Investors watch such moves closely, as they balance regulatory hurdles with opportunities in a market projected to grow amid rising demand for on-demand services.
Implications for Food Delivery Competition
This transaction reshapes ownership dynamics in a fragmented industry where platforms vie for restaurant partnerships and customer loyalty. Uber gains a larger foothold in Delivery Hero, potentially accelerating integrations that enhance its European operations. Prosus, a Naspers offshoot with deep roots in emerging markets, shifts focus away from overlapping assets, aligning with its strategy to streamline holdings post-merger. Regulators' interventions highlight persistent scrutiny on Big Tech's expansion into consumer services, ensuring no single player dominates delivery networks across borders.
