Uber Technologies Inc. more than doubled its Delivery Hero SE stake to about 19.5% of issued capital, making it the German food-delivery company’s largest shareholder, Delivery Hero said Monday.
The holding rose from roughly 7%, according to Delivery Hero and LSEG. Reuters calculations put Uber’s stake at about €1.7 billion.
Delivery Hero said it welcomed Uber’s additional investment as an endorsement of its platform and “Everyday App” strategy. Uber declined to comment beyond its regulatory filing.
The U.S.-based ride-hailing and delivery company also holds options for a further 5.6% of Delivery Hero shares, the company said. The Financial Times reported that the structure could give Uber a blocking minority.
Uber said in a regulatory filing that it does not currently intend to lift its holding to 30%, a threshold that would trigger a mandatory offer to remaining shareholders.
Delivery Hero shares closed 5.6% higher after the announcement. JPMorgan analysts said the move showed the strategic appeal of Delivery Hero’s asset base, while noting that Uber’s longer-term intentions remained unclear.
Prosus has been reducing its Delivery Hero holding after the European Commission required it to cut the stake below 10% as a condition for its Just Eat Takeaway.com acquisition. Prosus sold a 4.5% stake in Delivery Hero to Uber in April for about €270 million.
Activist investor Aspex Management also raised its stake to about 15% in May. Delivery Hero’s annual general meeting is scheduled for June 23.
