SENS-AI
NPN Corporate Action Stake Disposal Neutral

NASPERS LIMITED - Prosus gives Irrevocable Undertaking to sell residual stake in Delivery Hero to Uber

Naspers Limited
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What this filing means

Prosus has irrevocably committed to sell its remaining 16.8% Delivery Hero stake to Uber at €41.50 per share — a 151% premium to the pre-stake-sale VWAP and the final piece of a forced EU-mandated unwind. The path was already known (the EC mandate at the Just Eat Takeaway.com deal, the buyer via the April Uber sale, the price via Uber's Offer), and the share had run up meaningfully into the print. Good outcome at locked-in terms, but execution of a known sequence rather than a fresh surprise.

Bull case

  • The €41.50 lock-in price represents a 151% premium to Delivery Hero's 1-month VWAP before the initial stake sale, crystallising outsized value on the residual holding.
  • The irrevocable undertaking removes execution uncertainty by binding Prosus to a fixed buyer at a known price for the remaining 16.8% stake.

Bear case

  • The 16.8% stake sale is a forced divestiture required by the European Commission as a condition of the Just Eat Takeaway.com acquisition — not a discretionary value-realisation move.
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Category
Corporate Action Stake Disposal
Event posture
Constructive
Published
Jul 16, 2026

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