In This Article:
Just Eat Takeaway.com (JTKWY) is set to be bought by a Dutch technology investor in a deal worth around 4.1 billion euros (£3.4 billion).
Prosus (PROSF), which is majority-owned by South Africa’s Naspers (NAPRF), is planning to offer 20.30 euros (£16.85) a share to buy the takeaway delivery giant with aims to create a “European tech champion”.
Prosus already owns a 28% stake in Just Eat rival Delivery Hero (DHER.HM).
The planned all-cash offer comes after a difficult past few years for Amsterdam-based Just Eat, which had enjoyed booming business – and a soaring share price – during the pandemic when households were forced to eat at home, but saw trading and its stock price pare bask sharply when lockdowns ended.
Jitse Groen, chief executive and founder of Just Eat Takeaway.com, said: “Just Eat Takeaway.com is now a faster growing, more profitable and predominantly European-based business.
“Prosus fully supports our strategic plans and its extensive resources will help to further accelerate our investments and growth across food, groceries, fintech and other adjacencies. We are looking forward to an exciting future together.”
Just Eat Takeaway.com will continue to be based in Amsterdam under its current name and will maintain its key brands following the deal, the group confirmed.
Prosus said it would be the fourth largest food delivery group in the world following the takeover.
Fabricio Bloisi, chief executive of Prosus, said: “We are excited for Just Eat Takeaway.com to join the Prosus Group and the opportunity to create a European tech champion.
“Prosus already has an extensive food delivery portfolio outside of Europe and a proven track record of profitable growth through investment in our customer and driver experiences, restaurant partnerships, and world-class logistics, powered by innovation and artificial intelligence.”
Prosus can combine its “strong technical and investment capabilities” to Just Eat’s strong position in key European markets, it added.
Prosus already has a food business spanning 70 countries, with full ownership of Latin American food delivery platform iFood, as well as the stake in Delivery Hero, a 4% holding in global food delivery giant Meituan and a 25% stake in India’s recently floated food and grocery delivery platform, Swiggy.
It has had its sights on Just Eat for many years, having lost out to Netherlands-based firm Takeaway.com in the battle to buy Just Eat in early 2020.
Since then, Just Eat bought US food-ordering platform Grubhub in an ill-fated deal, paying 7.3 billion US dollars (£5.8 billion) at the height of the takeaway boom in 2021, only to offload the business for 650 million dollars (£514 million) last November.