Naspers Unit Offloads Stake in Food Giant for R6.5-billion

Why It Matters

The transaction clears a key antitrust hurdle, allowing Prosus to complete its Just Eat takeover and solidifies market competition in Europe’s fast‑growing food‑delivery sector.

Key Takeaways

• Prosus sells 5% Delivery Hero stake for €335 million
• Sale values shares at €22, 10% premium
• Transaction satisfies EU competition condition for Just Eat acquisition
• Earlier Prosus offloaded 4.5% to Uber under same commitments
• Delivery Hero and Just Eat dominate European food‑delivery market

Pulse Analysis

Prosus, the Amsterdam‑listed vehicle of South African conglomerate Naspers, has been reshaping its European food‑delivery portfolio to meet regulatory demands. After the European Commission approved its €2.5 billion acquisition of Just Eat Takeaway.com in August 2025, it imposed a strict divestiture clause on Delivery Hero holdings. By offloading a 5% stake for €335 million (≈$369 million), Prosus not only complies with the antitrust mandate but also demonstrates its ability to monetize assets at a premium, reflecting confidence in Delivery Hero’s growth trajectory despite heightened competition.

The sale price of €22 per share, representing a 10% premium to the market close and 22% above the 30‑day volume‑weighted average, signals robust investor appetite for food‑delivery platforms. Delivery Hero, which operates brands like Foodora and Glovo in various markets, benefits from the liquidity influx, potentially funding expansion or technology upgrades. Meanwhile, the reduced stake eases concerns that Prosus could wield excessive influence over two of Europe’s largest delivery players, fostering a more competitive environment that may drive lower fees for restaurants and better service for consumers.

For the broader tech‑investment landscape, Prosus’s strategic divestments illustrate a pragmatic approach to regulatory risk: leveraging asset sales to unlock capital while preserving core growth engines. The concurrent sale of a 4.5% stake to Uber underscores a trend of major platform players consolidating their positions through targeted stakes rather than full acquisitions. As the European food‑delivery market matures, investors will watch how Prosus reallocates the proceeds—potentially into high‑growth areas like fintech or cloud services—while the sector continues to consolidate around a few dominant operators.