Aspex increases stake in Delivery Hero, intensifying pressure on company leadership

Monday 11 May 2026 - 07:15

Activist investor Aspex Management has increased its stake in German food delivery company Delivery Hero to around 15%, strengthening its influence over the company and increasing pressure on Chief Executive Officer Niklas Oestberg.

The move follows the purchase of a 5% stake from technology investment group Prosus in a deal valued at approximately 335 million euros. According to reports, the transaction was completed at a price above the company’s recent market value, reflecting confidence in Delivery Hero’s long-term potential.

The acquisition comes at a critical moment for Delivery Hero, one of the world’s largest online food delivery platforms, which has faced growing investor concerns regarding profitability, expansion strategy, and operational performance.

Aspex Management has reportedly urged the company to reconsider its international operations and withdraw from certain regions in order to improve financial efficiency. The investment firm has also called for changes in leadership, including the replacement of CEO Niklas Oestberg.

The increased shareholding gives Aspex greater influence ahead of Delivery Hero’s annual general meeting scheduled for June. At the same time, Prosus has been reducing its ownership stake due to regulatory requirements linked to European competition rules following major acquisitions in the food delivery sector.

Despite the pressure, Aspex stated that it remains committed to working constructively with the company’s management and supervisory board to create long-term shareholder value.

Delivery Hero operates in multiple international markets and remains a major player in the rapidly evolving digital delivery industry, which continues to face intense competition and changing consumer behavior.