Koos Bekker's Prosus offloads another 5% of Delivery Hero to Aspex for €335 million under EU pressure

Koos Bekker's Prosus has sold a 5 percent stake in German food delivery company Delivery Hero to Hong Kong's Aspex Management for €335 million, the second EU-mandated divestment in less than a month as the Naspers-controlled tech investor works through European Commission conditions tied to last year's Just Eat Takeaway.com acquisition.

Aspex pays 22% premium for 15.2 million Delivery Hero shares

The transaction covers 15.19 million Delivery Hero ordinary shares priced at €22.00 each, generating gross proceeds of about €335 million for the Amsterdam-based investor. The price represents a 10 percent premium to Delivery Hero's closing share price and a 22 percent premium to the 30-day volume-weighted average price as of May 8. Aspex's willingness to pay above market underscores the strategic value the Hong Kong fund places on consolidating influence over the German food delivery group.

Following the sale, Prosus's holding in Delivery Hero falls to roughly 17 percent, while Aspex's stake rises to about 14 percent, cementing the Hong Kong firm's position as the German company's second-largest shareholder. Delivery Hero's Frankfurt-listed shares climbed about 7 percent on the news.

Sale fulfills Brussels conditions on Just Eat Takeaway deal

The divestment forms part of commitments Prosus made to secure European Commission approval of its €4.1 billion acquisition of Just Eat Takeaway.com in August 2025, the largest deal in the company's history. Brussels required Prosus to significantly reduce its 27 percent Delivery Hero shareholding to address overlap concerns in the European food delivery market.

The Aspex sale follows the April 2026 disposal of a 4.5 percent stake to Uber Technologies at €20 per share, which generated about €270 million. Combined, the two transactions have unwound roughly 10 percent of Prosus's Delivery Hero position in less than a month, with further sales likely as the Amsterdam group works toward the EU's specified shareholding floor.

Aspex turns up heat on Delivery Hero management

Aspex Management has emerged as one of the most active voices on the Delivery Hero shareholder register, publicly pressuring the German company's chief executive to accelerate asset sales or step aside. The Hong Kong fund had previously held a 9.2 percent stake and entered preliminary talks with Prosus over a larger block earlier this year.

Bekker, who chairs both Naspers and Prosus, has overseen a sustained restructuring of the group's food delivery exposure under group chief executive Fabricio Bloisi, who took the helm last year and has sharpened the company's focus on European technology champions. Naspers remains the Johannesburg Stock Exchange's largest technology group, with much of its valuation still tied to its long-held stake in Chinese internet giant Tencent.