South African technology giant sells stake in German company for R39 billion to Uber
Prosus has announced the sale of its remaining stake in Delivery Hero to Uber, which aligns with the company’s takeover of Just Eat Takeaway.com.
Prosus is majority-owned by Naspers, the owner of Takealot, Mr D, Media24, Property24, and Autotrader in South Africa.
Naspers created the Dutch-based Prosus to house its international assets, including its stake in Chinese technology giant Tencent.
Prosus acquired Just Eat Takeaway.com last year for €4.1 billion (about R80 billion), a dominant delivery service in Europe, akin to Uber Eats and Mr D in South Africa.
After the European Commission approved Prosus’s acquisition of Just Eat Takeaway.com, Prosus said it would reduce its shareholding in Delivery Hero.
Prosus has now agreed to sell its remaining 16.8% stake in Delivery Hero to Uber upon completion of Uber’s recently announced offer to acquire Delivery Hero’s share capital.
San Francisco-headquartered Uber is offering a €41.50 per ordinary share of Delivery Hero. Given that Delivery Hero has around 303 million shares, the offer works out to roughly €12.6 billion (R236 billion).
Prosus’s stake is thus worth about R39 billion. Uber already holds a 24.99% stake in Delivery Hero, with a further 11.8% held via instruments.
“Prosus believes that Uber’s offer represents a fair price and an effective way to comply with its commitments to the European Commission,” it said.
“Prosus has entered into an irrevocable undertaking to Uber to dispose of its remaining interest in Delivery Hero. Prosus intends to use the proceeds of the disposal for general corporate purposes.”
Notably, Prosus already sold around 4.5% of Delivery Hero in April this year for around €20.00 per share or €270 million in total (R5.2 billion when that sale was announced).
Prosus said that the new offer represents a 151% premium over Delivery Hero’s 1-month volume-weighted average share price before the announcement of Prosus’s initial 4.5% stake sale to Uber.
Outside of the sales to Uber, Prosus recently sold about 5% of Delivery Hero’s issued share capital to Aspex Management.
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