Naspers grows its Delivery Hero stake
The transaction pushes Naspers’s shareholding in food-ordering specialist Delivery Hero to 23.6%, making it the largest shareholder
Naspers, the technology conglomerate largely viewed as a proxy for Chinese internet business Tencent, has bolstered its e-commerce offering through a R10.5bn deal to markedly increase its stake in online food-ordering specialist Delivery Hero. In a statement on Thursday, the Cape Town-headquartered company disclosed it had paid €660m to acquire another 22.4-million shares in Frankfurt-listed Delivery Hero from Rocket Internet. The transaction pushes Naspers’s shareholding in Delivery Hero to 23.6%, making the group the largest shareholder in the fast-growing business. Naspers said that the deal would be funded from existing resources and was expected to close in the first quarter of 2018. Naspers paid Rocket an effective €29.50 a share — representing a discount of about 13% on the latest Delivery Hero share price. The deal comes at a time when the market is fixated on the Naspers share price, largely reflecting the 34% holding in Tencent but discounting the group’s numerous interna...
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