Prosus sells 5% Delivery Hero stake to Hong Kong's Aspex for $394m

Prosus, said on May 11 it will sell a 5% stake in Germany’s Delivery Hero to Hong Kong-based Aspex Management for about 335 million euros (US$394 million).

The Amsterdam-listed tech investor said it is cutting its holding to meet EU commitments tied to its acquisition of Just Eat Takeaway.com.

Prosus is selling the shares at 22 euros (US$26) each, which is 22% above Delivery Hero’s 30-day volume-weighted average price and 10.1% above the stock’s May 8 close, according to Bloomberg data.

The deal follows Prosus’s earlier sale of a 4.5% stake to Uber and would leave it with about 17% of Delivery Hero, while Aspex’s holding would rise to about 14%.

Prosus agreed in August 2025 to reduce most of its 27% stake in Delivery Hero to secure European Commission approval, while Aspex has pressed the company to pursue asset sales or replace CEO Niklas Östberg.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Financial strains sit behind Aspex’s push at Delivery Hero

Aspex Management says Delivery Hero’s strategy left it less profitable than online food delivery rivals with a tighter focus 1.
The fund argues that operating in more than 70 countries spread cash too thin because Delivery Hero must protect market share across many businesses 1.
Aspex also flagged more than 1.4 billion euros (US$1.65 billion) in legal provisions and legal-related contingent liabilities, money set aside for potential legal costs and future obligations. It called that “a completely unacceptable level of risk” for shareholders 1.
In March 2026, Aspex moved from urging asset sales to seeking CEO Niklas Östberg’s removal. It said the planned sale of Delivery Hero’s foodpanda delivery business in Taiwan to Grab, the Southeast Asian ride-hailing and delivery company, suggested the unit had lost much of its value 2.

Stake sale gives an activist investor more sway

The deal shifts influence from a seller that needs to cut its holding for regulatory reasons to an activist investor seeking operating changes and new leadership 1.
With its stake near 14%, Aspex has more power to press its demands after earlier threats of legal action aimed at changing company leadership 1.
The move signals a tougher investor mood toward tech groups that chased global expansion during years of cheap capital.
Aspex’s approach offers a guide for how shareholders now press sprawling tech companies to simplify overseas operations, sell assets outside their main business, and focus on durable cash flow instead of market share alone 1.