The major subsidiary of the tech investor Naspers, Prosus, has acquired approximately 20.37 million shares in the food ordering and delivery marketplace Delivery Hero via market and bilateral trades through its subsidiary, MIH Food Holdings B.V.
At the beginning of March, Delivery Hero bought an 87% stake in South Korea’s biggest food delivery app Woowa, making MIH Food Holdings B.V.’s shareholding fall to 16.81%.
The acquisition of the approximately 20.37 million shares increases MIH Food Holdings B.V.’s shareholding by 8.18% to 24.99% (22.24% on a fully diluted basis) and continues to position the group as the largest shareholder in Delivery Hero.
“Prosus acquired the shares with the intention to offset existing and future dilution incurred from convertible issuances, employee exercises and stock issuance related to the Woowa transaction. Prosus has no intention to buy any additional shares within the next twelve months,” wrote the company in an announcement.
Delivery Hero started as a food delivery service in 2011 and today runs its own delivery platform in more than 40 countries across Asia, Europe, Latin America, the Middle East, and North Africa.
The move is consistent with Prosus’s strategy to invest in platforms with global potential that offer online marketplace services in high-growth markets, adding to the group’s investments in iFood in Latam and Swiggy in India.