Prosus, the Amsterdam-based technology investor, has agreed to sell approximately $395 million worth of its Delivery Hero stake to Hong Kong’s Aspex Management, reducing its ownership in the German food delivery giant. The transaction, valued at 335 million euros, represents 5% of Delivery Hero’s issued shares, marking a strategic shift as Prosus divests assets tied to its Just Eat Takeaway.com acquisition. This follows regulatory requirements imposed by the European Commission after approving Prosus’s 2022 merger with Just Eat Takeaway.com, which mandated significant reductions in its Delivery Hero holdings.

The sale builds on Prosus’s broader restructuring efforts. Weeks prior, the firm offloaded 4.5% of its Delivery Hero stake to Uber, part of remedies tied to the European Commission’s antitrust approval for the Just Eat Takeaway.com deal. These moves aim to address market dominance concerns, ensuring Prosus retains flexibility while complying with regulatory conditions. Delivery Hero, now valued at over $20 billion, faces heightened scrutiny as Prosus lightens its grip, potentially reshaping the company’s governance and strategic direction.

Aspex Management, a Hong Kong-based investment firm, will acquire 15.2 million Delivery Hero shares—a stake Prosus previously held. The transaction underscores Prosus’s pivot away from European tech investments, focusing instead on emerging markets. For Delivery Hero, the sale signals a transition period as it navigates post-acquisition integration challenges and regulatory oversight. Analysts note the move could stabilize the company’s stock price, currently trading near historic highs amid merger-driven optimism.

This divestment highlights the delicate balance between regulatory compliance and investor strategy. Prosus’s reduced exposure to Delivery Hero allows it to reallocate capital while mitigating antitrust risks. Meanwhile, Delivery Hero gains autonomy, though its path to profitability remains under pressure from intense competition in Europe’s saturated food delivery market. The deal’s finalization later this year will likely influence shareholder confidence and set precedents for cross-border tech acquisitions under EU scrutiny.