Uber raises Delivery Hero stake in €270m Prosus deal

Uber Technologies is raising its holding in Germany’s Delivery Hero SE, buying a stake from its European rival’s biggest shareholder for €270 million ($318 million).

The ride-hailing company will purchase 4.5% from Prosus NV, the companies said Friday.

Prosus is selling the shares at €20 apiece, a premium of about 22% of the one-month volume-weighted average price of Delivery Hero shares as of Thursday.

Read: Prosus plans to raise R35.4bn from selling off stakes

Delivery Hero climbed 4% in Frankfurt on the news.

The deal comes amid rapid consolidation in online food delivery, an industry that has struggled to return to its pandemic-era heights. Prosus is reducing its Delivery Hero stake, once around $3 billion, to meet European antitrust requirements after the Dutch investment firm bought Just Eat Takeaway.com in a $4.3 billion deal.

Prosus has also weighed the sale of a roughly 10% stake in Delivery Hero to Aspex Management, the No. 2 shareholder that has threatened to replace the delivery company’s management, Bloomberg News reported earlier. Delivery Hero has moved to cut costs and sell assets as its shares have steadily declined.

Read: Prosus reports first profit under CEO Bloisi’s new strategy

“Uber’s increased position is a meaningful endorsement of our platform,” Delivery Hero Chief Executive Officer Niklas Östberg said in an emailed statement.

The transaction will reduce the Prosus shareholding to 21.8% from 26.3%.

The Financial Times first reported Uber’s increased stake, also saying that th EU plans the biggest relaxation of merger rules in decades to build firms capable of taking on US and Chinese rivals.

Read: Prosus plans $4.3bn Just Eat Takeaway buy in all-cash deal

EU approval for Prosus’s purchase of Just Eat Takeaway was based Prosus selling down its stake in Delivery Hero to a single-digit percentage by Aug. 12 and to relinquish board and information rights.

With reports that the EU is considering relaxing its merger rules, Jeffries International Ltd. analysts said the Prosus remedies could serve as a test case for the EU to create a locally based technology champion.

Read: Prosus CEO Bloisi has R371bn, is ready to spend in Europe

“This is a material new development: our conviction in our base case scenario of a Prosus takeover of Delivery Hero has risen,” Giles Thorn and Weng Lum Khoo wrote in a note.

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