Uber Technologies Inc. has reached an agreement to acquire an additional 4.5% stake in its rival, Delivery Hero SE. The transaction involves buying shares from the German multinational's largest shareholder, Prosus, for approximately 270 million euros ($318 million).
Uber will purchase the shares at a price of 20 euros apiece. Following the completion of the deal, the ride-hailing group will become the fourth-largest shareholder in the Berlin-based food-delivery group.
The divestment was prompted by European regulators, who forced Prosus to sell down its holding in Delivery Hero to proceed with a proposed acquisition of Just Eat.
Prosus struck the deal to buy Just Eat last year. Just Eat operates as a rival to both Delivery Hero and Uber.