Uber has agreed to buy an extra 4.5% stake in Delivery Hero for about €270 million. The shares will come from Prosus, Delivery Hero’s largest shareholder. After the deal, Uber will own about 7% of the German food delivery group.
The transaction adds to Uber’s earlier investment in Delivery Hero. In May 2024, Uber bought about $300 million worth of shares in the company. The latest purchase comes as Uber pushes further into Europe’s food delivery market, where competition and deal activity have both increased.
Uber will buy about 13.6 million Delivery Hero shares at €20 each. The agreed price is slightly below Delivery Hero’s closing price of €20.14 on Thursday. However, it is still about 22% above the company’s one-month average share price.
Uber described the deal as “opportunistic.” The company has also said it plans to expand Uber Eats into seven more countries this year. The move fits with wider changes in the European delivery market, where large groups are trying to build scale and improve growth.
The deal also follows other moves in the sector. DoorDash, another US delivery company, bought UK-based Deliveroo last year for £2.9 billion. As a result, North American groups are taking a larger role in Europe’s delivery industry.
Prosus is selling part of its Delivery Hero stake because of conditions linked to its takeover of Just Eat Takeaway. The European Commission required Prosus to reduce its Delivery Hero holding to single digits. The deadline for this change is August 2026.
After selling the shares to Uber, Prosus will reduce its stake from 26.3% to 21.8%. The company said, “Prosus remains committed to completing the sale of the remainder of its stake in Delivery Hero within the required regulatory timeframe, with the objective of maximising shareholder value.”
Prosus, which is based in Amsterdam and backed by South Africa’s Naperss, has explored several ways to lower its holding. Those options include more block sales and selling shares gradually in the public market. Reports also said hedge fund Aspex Management has approached Prosus about buying part of the stake.
The share sale comes at a time when Delivery Hero is under pressure from investors. The company operates in about 70 countries through brands such as Talabat, Glovo, and Foodpanda. Even so, some shareholders want the group to simplify its structure and improve returns.
Aspex Management, which owns about 9% of Delivery Hero, has pushed for asset sales and a narrower business focus. The fund has also warned it may seek the removal of chief executive Niklas Östberg if changes are not made. A person familiar with Aspex’s position described the latest sale as a “positive step toward change” at the company.
Delivery Hero shares have fallen more than 80% over the past five years. The stock traded above €130 in 2021, but it is now just above €20. This leaves the company with a market value of a little more than €6 billion. Östberg said he welcomed Uber’s added investment, which gives Delivery Hero support from another major industry player.
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