(Bloomberg) -- Germany’s Delivery Hero SE is exiting its stake in Deliveroo Plc about two and half years after investing in the UK food delivery company. 

Delivery Hero is selling a stake worth up to £83 million ($104 million) in an accelerated offering, according to terms seen by Bloomberg News. It will sell 68.2 million Class A Deliveroo shares, the terms showed. 

Delivery Hero took a stake in the company back in 2021, when the pandemic was fueling a massive surge in demand for food and grocery delivery services. 

The shares being sold represent about 4.5% of Deliveroo’s total shares outstanding, according to terms seen by Bloomberg. Barclays Plc, Goldman Sachs Group Inc. and Morgan Stanley are arranging the deal. 

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