Naspers claims largest shareholding in Delivery Hero with R10.5 billion investment

South African Internet giant Naspers on Thursday announced a transaction to obtain 22,359,857 shares in Delivery Hero from Rocket Internet for €660 million (R10.55 billion), at a price of €29.50 per share.

The additional 13% stake increases Naspers’s shareholding to 23.6% and positions the group as the largest shareholder in Delivery Hero.

“Growing its position in online food ordering and delivery is consistent with Naspers’ strategy to invest in platforms with global potential that offer online marketplace services in high-growth markets,” it said in a statement.

The increased stake in Delivery Hero adds to the group’s investments in iFood in Latam and Swiggy in India.

Founded in February 2008 and listed in June 2017, Delivery Hero offers online food delivery services across more than 40 countries in Europe, the Middle East & North Africa (MENA), Latin America, and the Asia-Pacific region.

It also operates its own last-mile food delivery primarily in more than 50 high-density urban areas around the world.

“The online food delivery sector is still underpenetrated and growing rapidly across the world. Delivery Hero is already the leading online food ordering and delivery marketplace in most of the countries in which it operates and Naspers’ increased investment is due to its confidence in the long-term prospects of the company,” Naspers said.

The transaction is subject to regulatory approval, will be funded from existing resources, and is expected to close in the first quarter of 2018, it said.

Read: SA internet giant Naspers invests R5.6 billion in food delivery company

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Naspers claims largest shareholding in Delivery Hero with R10.5 billion investment