Deals

Naspers Buys $775 Million Stake in German Online Food Group

Africa’s biggest company becomes top investor in Delivery Hero
Agrees deal with Rocket Internet, which is reducing its stake

Pedestrians and buses pass a Delivery Hero advertisement on a street in Hamburg.
Photographer: Krisztian Bocsi/Bloomberg

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By Stefan Nicola and Loni Prinsloo

September 28, 2017 at 6:29 AM UTC

Updated on

September 28, 2017 at 3:41 PM UTC

This article is for subscribers only.

Naspers Ltd. agreed to pay 660 million euros ($778 million) to boost its stake in Germany’s Delivery Hero AG as Africa’s biggest company increases its exposure to the online food-delivery market.

The Cape Town-based media and technology business will buy stock from Rocket Internet SE at 29.50 euros a share, it said in a statement on Thursday. That’s a discount of 12 percent based on Wednesday’s closing price, making the South African company the biggest investor with a 24 percent holding.