By Ian Walker and Nina Kienle
Shares in Deliveroo and peer Delivery Hero fell in early trade after the latter sold its entire shareholding in the former for about 76.8 million pounds ($97.6 million).
Deliveroo shares at 0826 GMT were down 5.25% at 115.50 pence; Delivery Hero shares were down 7.3% at EUR20.94. Deliveroo shares were up 24% over the past 12 months while Delivery Hero shares were down 72%.
Berlin-based food-delivery company Delivery Hero said late Monday that it sold about 68 million shares in Deliveroo–or 4.5% of the U.K. company’s class A shares–at 113 pence. Deliveroo has a dual-class share structure under which its founder and Chief Executive Will Shu holds nonlisted class B shares that carry more voting rights.
The price represents a 7.3% discount to Deliveroo’s closing share price of 121.90 pence on Monday.
Deliveroo declined to comment when approached by Dow Jones Newswires.
Delivery Hero said it plans to use proceeds for general corporate purposes. The sale is expected to be completed by Feb. 1, it said.
Write to Ian Walker at [email protected] and Nina Kienle at [email protected]
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