Prosus Surprises Market by Selling €270M Delivery Hero Stake to Uber

Prosus has made waves by agreeing to sell a 4.5% stake in Delivery Hero for approximately €270 million to Uber. This sizable chunk consists of 13.58 million shares priced at €20 each, a notable 22% premium over Delivery Hero's average price last month. Despite the premium, analysts at Jefferies expressed surprise and confusion over the move.

The sale is linked to Prosus's obligation to trim its holding in the German-listed food delivery player following regulatory approval of its €4.1 billion acquisition of Just Eat Takeaway.com back in August 2025. While Prosus has stated a commitment to meet this divestment deadline by August 12, the timing and logic behind this particular sale raised eyebrows.

Jefferies suggested the €20 per share price tag could be below Prosus's average entry, implying a potential loss or at least a missed opportunity for higher gains. They pointed out that Delivery Hero's ongoing strategic review could have unlocked better valuations had Prosus held on. The analysts also hinted that recent changes in EU merger rules might have offered Prosus a pathway towards a full Delivery Hero takeover - a strategy now seemingly sidestepped.

Uber's stake in Delivery Hero will increase to about 7% with this deal, building on a prior 3% acquisition during a primary issuance linked to last year's failed attempt to buy Delivery Hero's Taiwan business, foodpanda. The move is seen by some as an