Investing.com — is selling a 5% stake in to Aspex Management, the German food delivery company’s second-largest shareholder, which has been pressing its chief executive to divest more assets or step down.
The transaction is part of commitments Prosus made to the European Commission last August, when it agreed to sell down most of its 27% Delivery Hero holding as a condition for winning approval of its takeover of Just Eat Takeaway.com. EU antitrust regulators require Prosus to reduce its stake to below 10% by late summer.
Shares in Delivery Hero jumped 7.2% following the news.
The deal is priced at 22 euros a share, a roughly 10% premium to Delivery Hero’s closing price on Friday and a 22% premium to its 30-day volume-weighted average price. Prosus expects to raise about 335 million euros ($395 million) from the sale.
In April, Prosus sold a 4.5% Delivery Hero stake to Uber Technologies for 270 million euros, and the latest transaction prices shares at a similar level to that deal.
Following the transaction, Aspex’s stake in Delivery Hero will rise to around 14%, while Prosus’s holding will fall to approximately 17%, still well above the regulatory threshold it must meet by late summer.
