Uber increased its Delivery Hero stake to 36.83% by buying Aspex Management’s shares at just under $40 each and has tabled a €10 billion (about $11.6 billion) takeover offer carrying no premium. The move removes an activist investor, keeps voting rights at 24.99%, and positions Uber ahead of EU-mandated sell-downs of Prosus’s 17% holding.
Uber bought out Aspex Management’s entire position in Delivery Hero, boosting its total holding to 36.83% and becoming the largest shareholder. The acquisition price was just below $40 per share, reflecting confidence in the German food-delivery platform’s future.
Alongside the stake increase, Uber submitted a takeover proposal valuing Delivery Hero at roughly €10 billion ($11.6 billion), matching its recent trading levels with no added premium. The bid maintains parity with the platform’s current market valuation.
Uber structured the purchase to keep direct voting rights at 24.99%, avoiding thresholds that would trigger a mandatory takeover offer under German law. The remaining interest is held via nonvoting instruments to preserve strategic flexibility.
Prosus still holds about 17% of Delivery Hero but faces an EU mandate to divest most of its position by August. Uber’s enlarged, preexisting stake strengthens its negotiating leverage as Prosus seeks relief from the sell-down obligation.
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