Germany's Delivery Hero (ETR:DHER, OTCQX:DLVHF) has sold its entire 4.5% stake in UK food delivery peer Deliveroo PLC (LSE:ROO), raising £76.8 million.
The news sent shares in Deliveroo down 4.7% in London on Tuesday.
The Berlin-based delivery platform said about 68 million Deliveroo shares were placed with institutional investors at 113p per share, a discount to Monday's closing share price of 121.90p.
Delivery Hero (ETR:DHER, OTCQX:DLVHF) said it has no remaining Deliveroo shares, adding the disposal shows its "commitment to disciplined capital allocation".
Delivery Hero took a stake in the company back in 2021, when the pandemic was fuelling a massive surge in demand for food and grocery delivery services.
Barclays, Goldman Sachs and Morgan Stanley (NYSE:MS) are arranging the deal.