9th Aug 2021 09:59
(Alliance News) - Deliveroo PLC on Monday said German rival Delivery Hero SE has bought a 5.1% stake in the company.
Berlin-based Delivery Hero, like London-based Deliveroo, uses a network of restaurants and gig-economy couriers to provide food delivery.
Shares in Deliveroo were up 9.9% in London on Monday morning. It has a market capitalisation of about GBP6.50 billion.
Delivery Hero was down 0.9% to EUR129.90 in Frankfurt. It has a market cap of EUR32.36 billion, about GBP27.50 billion, making it four times larger than Deliveroo.
Delivery Hero was founded in 2011 operates in 46 countries across Europe, the Middle East, Asia and Latin America. It formerly operated in the UK under the Hungryhouse brand, before selling that to Just Eat Takeaway.com NV in 2018.
Deliveroo, which also counts Amazon.com Inc among its investors, was founded in 2013 and is available in 12 countries in Europe, the Middle East and Asia Pacific, although it is in the process of shutting down its Spanish business.
Under London Stock Exchange rules, companies have to disclose all investors with a stake of 5.0% or more. The filing did not say what Delivery Hero's previous stake was before crossing the threshold on Friday last week.
By Ivan Edwards; [email protected]
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Related Shares:
Just Eat TakeawDeliveroo