Naspers closes Delivery Hero acquisition

Listed internet giant Naspers said on Thursday that its transaction to obtain 22,359,857 shares in Delivery Hero from Rocket Internet for €660 million (R9.6 billion), at a price of €29.50 per share has closed.

The acquisition takes Naspers’ stake in Delivery Hero to 22.75% and positions the company as the largest shareholder in the German publicly listed online food-delivery service.

“Shareholders are advised that the regulatory review is complete and that the transaction closed effective 28 March 2018,” Naspers said in a statement.

The company’s share price has come under some pressure in recent days, dipping below R3,000 a share – weighed down by its ties to Tencent.

Naspers said a week ago that it would sell up to 190 million Tencent shares, equal to 2% of the total issued share capital, reducing its stake in the Shenzhen-based company from 33.2% to 31.2%.

“The funds will be used to reinforce Naspers’ balance sheet and will be invested over time to accelerate the growth of our classifieds, online food delivery and fintech businesses globally and to pursue other exciting growth opportunities when they arise,” it said.

Tencent, the biggest publicly traded tech company in Asia, has lost more than $70 billion in market value over the past week as investors fret over its future growth prospects.

Shares in Naspers gained 1.05% in morning trade on the JSE, to R2,962.


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

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Naspers closes Delivery Hero acquisition