PRX Disposal Bullish
PROSUS N.V - Prosus sells 5% interest in Delivery Hero to Aspex Management
Prosus N.V.
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What this filing means
Prosus is selling a 5% stake in Delivery Hero for €335 million at a 22% VWAP premium to fulfill European Commission regulatory commitments.
Bull case
- The sale of 15.18 million shares generates approximately €335 million in gross proceeds, enhancing balance sheet liquidity.
- Executing the transaction at €22.00 per share secures a 10% premium to the closing price and a 22% premium to the 30-day VWAP, demonstrating effective value realization.
Bear case
- The divestment is a forced requirement by the European Commission, limiting management's strategic flexibility regarding the timing of the asset sale.
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