Tech investment giant Prosus has agreed to acquire Amsterdam-based Just Eat Takeaway.com for €4.1 billion ($4.29 billion) in an all-cash deal announced Monday. The transaction, priced at €20.30 per share, aims to create the world’s fourth-largest food delivery group while accelerating Prosus’ European expansion.
This acquisition strengthens Prosus’ portfolio amid fierce competition in the $400B+ global food delivery sector. The Amsterdam-based investor already owns Brazil’s iFood and holds a 28% stake in Delivery Hero. This deal brings the opportunity to create a European tech champion, stated Prosus CEO Fabricio Bloisi in a press release.
Just Eat Takeaway.com is now a faster-growing, more profitable, and predominantly European-based business,said CEO Jitse Groen. Prosus’ offer fully supports our strategic plans.
Key strategic shifts driving the deal:
- Just Eat’s exit from U.S. markets via Grubhub’s $650M sale to Wonder Group
- Focus on core European operations across 17 countries
- Streamlined profitability after 2020 merger with Takeaway.com
The transaction comes as food delivery platforms face pressure from rivals like Uber Eats and DoorDash. Analysts note Prosus’ move consolidates fragmented European markets while leveraging Just Eat’s 23-year operational history.
Regulatory approvals could finalize the deal by December 2023. Monday’s announcement triggered dramatic stock movements: Just Eat shares surged 54%, while Prosus’ stock dipped 7.3% amid investor scrutiny of acquisition costs.
This acquisition marks a pivotal realignment in food delivery’s post-pandemic landscape. With Prosus’ resources and Just Eat’s localized logistics, the combined entity could reshape how 650M+ Europeans experience meal delivery services.
