Delivery Hero, the German parent company of food delivery service Talabat, raised €1.25 billion ($1.5bn) from an offering of notes convertible into shares, marking the company’s third equity-linked issuance in less than two years.
The company sold €750 million of notes maturing in 2026 and €500m of 2029 securities, according to terms seen by Bloomberg. Proceeds will be used for general corporate purposes and to “take advantage of attractive investment opportunities that may arise”, the company said.
Eager to lock in cheap financing from investors before bond yields rise further, companies have piled into the equity-linked market this year, with a blockbuster $16bn raised across Europe, the Middle East and Africa. Delivery Hero’s offering is one of the biggest in Europe this year.
Delivery Hero may spend the money on operating or capital expenses, or on acquisitions, Giles Thorne, an analyst at Jefferies, wrote in a note.
“Today’s raise promises the near term will be remain busy,” he said. The company has been “masterful” in using its rising stock price to match competitors’ capitalisation, he said.
Delivery Hero shares fell 2.6 per cent to €128.40 at 9:12am in Frankfurt.
The Berlin-based company tapped the market in January and July last year, raising more than €3bn across the two fundraising rounds. A company spokesman declined further comment on Thursday’s issue.
The company is spending on acquisitions and plans to grow as customers continue ordering food and grocery deliveries even as lockdowns end.
Chief executive Niklas Oestberg has suggested a possible expansion in Germany would impact profitability and the company also may take a stake in grocery delivery start-up Gorillas Technologies GmbH, according to manager Magazin.
Last month, Delivery Hero increased its full-year guidance for product sales on its platform after orders rose to a record in the second quarter. It also disclosed the purchase of a 5.1 per cent stake in Deliveroo.
The 2026 notes will pay a coupon of one per cent annually, while the 2029 tranche will pay 2.125 per cent. Both are being sold with a conversion premium of 40 per cent.
Morgan Stanley, JPMorgan Chase, UniCredit and HSBC Holdings ran the sale.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
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The five pillars of Islam
Killing of Qassem Suleimani
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
Personal motto: Believe it and you can achieve it.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
UAE currency: the story behind the money in your pockets
More on Quran memorisation:
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
HAEMOGLOBIN DISORDERS EXPLAINED
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
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Company%20Profile
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The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
