Uber's Blocking Minority Puts Delivery Hero’s Asian Crown Jewel in Play

The chessboard at Delivery Hero is being repositioned with unusual speed. Uber has quietly assembled a 25.1% blocking minority, Prosus is being forced to the exit, and the company’s prized South Korean asset may soon be sold. The stock has surged to a fresh 52-week high of €31.67, but the real prize lies in the value hidden inside the group’s Asian operations.

Uber now holds 19.5% of Delivery Hero’s capital directly, with another 5.6% locked up through options and derivatives. That gives the US ride-hailing giant effective control over crucial shareholder votes without triggering a mandatory takeover offer — the 30% threshold remains untouched for now. The move comes as former top investor Prosus, under pressure from EU antitrust conditions tied to its acquisition of Just Eat Takeaway.com, has cut its stake to roughly 17% and must eventually fall below 10%.

Baemin’s billion-dollar price tag

All eyes are on Woowa Brothers, the operator of South Korea’s Baemin platform. Reports suggest Uber has formed a consortium with local tech heavyweight Naver to buy the unit outright. Valuations circulating in the market range from $5.3 billion to as high as €5.7 billion, figures that would immediately validate the sum-of-parts thesis many analysts have been pushing.

Should investors sell immediately? Or is it worth buying Delivery Hero?

Naver is said to be targeting a stake below 20% in any deal, likely to keep antitrust scrutiny manageable. The consortium’s goal would be to create a stronger rival to Coupang Eats, which has been intensifying competition with 24-hour delivery services and rapidly expanding its user base in Seoul. Delivery Hero has already responded by hiking Baemin’s commission fees from 4% to nearly 10%, a move that risks alienating restaurant partners.

Analyst divergence reflects uncertainty

The share price rally — up 30% in seven days and 55% over the past month — already prices in some of this optionality. But broker targets reveal a split verdict. Barclays sees fair value at €39.10, betting on a successful restructuring. JPMorgan’s Marcus Diebel, who remains overweight, sets a more cautious €28 target, though he now sees a breakup as “significantly more likely”. Jefferies’ Giles Thorne puts the stock at €29 but warns that EU competition hurdles could complicate any Baemin disposal.

A sale near the top end of the valuation range would inject much-needed cash into a balance sheet groaning under debt. It would also underscore Delivery Hero’s pivot from growth-at-all-costs to capital discipline — a shift that has been underway since management began reviewing portfolio options and cost structures.

Founder’s exit adds to transition mood

The reshuffling extends to the boardroom. Founder and CEO Niklas Östberg, who built the company over 15 years, has announced he will step down in early 2027. With Uber now holding the keys to strategic decisions and the Asian crown jewel potentially on the block, Delivery Hero is entering a phase that looks less like a turnaround and more like a controlled dismantling — one that investors, for now, are applauding.

Ad

Delivery Hero Stock: New Analysis - 19 May

Fresh Delivery Hero information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

Read our updated Delivery Hero analysis...

en | DE000A2E4K43 | UBERS | boerse | 69374441 |