The management has indicated that it sees 2018 as a year of M&A and consolidation.
Delivery Hero announced that it is launching an accelerated book build for the sale of up to 10.5m new shares. At the same time, a group of existing shareholders will sell up to 7.8m (4.5% of the diluted share capital) in secondary shares. These shareholders currently own, in aggregate, 12.2m shares (7.1%). This latter piece of information is important, as it is clear that the selling shareholders do not include Rocket Internet (which holds 22.3m shares, adjusted for the pending disposal to Naspers) or Naspers (33m, once the deal with Rocket has closed).
Delivery Hero management has cited the fact that it sees an increased level of attractive M&A opportunities as the reason for the capital increase (and early break of the lock-up post-IPO). This is important given its strategy to further consolidate its market leadership positions and pursue value-accretive M&A transactions.
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