Prosus to Acquire Just Eat Takeaway.com for €4.1 Billion, Creating a European Food Delivery Leader
Prosus a global technology investment company, has announced a conditional agreement to acquire Just Eat Takeaway.com in a strategic move that aims to create one of the world’s largest food delivery groups. The acquisition, valued at approximately €4.1 billion, underscores ambition to strengthen its foothold in Europe’s highly competitive food delivery market.
Transaction Details
Prosus intends to acquire Just Eat Takeaway.com’s entire issued share capital at a price of €20.30 per share via a recommended all-cash public offer on the Amsterdam stock exchange. This offer represents a significant premium, offering:
- A 49% premium to the three-month volume-weighted average price (VWAP) as of February 21, 2025.
- A 22% premium to Just Eat Takeaway.com’s highest share price over the last three months.
“We are excited for Just Eat Takeaway.com to join the Prosus Group and create a European tech champion in food delivery,” said Fabricio Bloisi, CEO of Prosus. “Our extensive portfolio outside Europe, combined with our investment in cutting-edge logistics, AI-driven innovations, and restaurant partnerships, will create immense value for customers, drivers, partners, and shareholders alike.”
Jitse Groen, CEO of Just Eat Takeaway.com, echoed these sentiments: “Just Eat Takeaway.com has transformed into a faster-growing and more profitable, predominantly European-based business. Prosus’s support will accelerate our investments in food, groceries, fintech, and adjacent services, positioning us for a dynamic and innovative future.”
Strategic Rationale
The acquisition of Just Eat Takeaway.com is expected to significantly enhance Prosus’s market position in Europe while leveraging its expertise in scaling food delivery businesses. The key benefits of the acquisition include:
1. Strengthening Leadership in European Food Delivery
Just Eat Takeaway.com boasts strong brand recognition and a deep connection with customers across key European markets, particularly in the United Kingdom, Germany, and the Netherlands. With well-established operations and a cash-generative business model, the company presents a lucrative growth opportunity for Prosus.
2. Expanding Prosus’s Global Footprint
Prosus has been a significant player in the global food delivery industry, investing over $10 billion worldwide in food technology and logistics. The company’s extensive experience in high-growth markets, such as Latin America and Asia, will be instrumental in driving further expansion in Europe.
3. AI-Driven Innovation and Operational Efficiency
Prosus has successfully implemented AI-driven logistics and customer experience enhancements through its ownership of iFood, Latin America’s leading food delivery platform. Similar AI-powered advancements will be integrated into Just Eat Takeaway.com, enhancing service reliability, optimizing logistics, and improving the customer and driver experience.
4. Enhancing Financial Performance and Growth Prospects
Just Eat Takeaway.com has exhibited strong financials, reporting €26.3 billion in Gross Transaction Value (GTV) in 2024 (€18.9 billion excluding Grubhub) and generating €460 million in adjusted EBITDA (€313 million excluding Grubhub). With backing, Just Eat Takeaway.com is poised for accelerated growth and increased profitability.
Prosus’s Food Delivery Portfolio
Prosus has a diversified food delivery portfolio spanning over 70 countries and serving more than 1 million restaurants globally. Its key investments include:
- iFood: Latin America’s leading food delivery platform, which fully owns.
- Delivery Hero: A leading global food delivery company, in which Prosus holds a 28% stake.
- Meituan: The world’s largest food delivery business, with Prosus holding an approximate 4% stake.
- Swiggy: One of India’s top food and grocery delivery platforms, where Prosus holds a 25% stake. Swiggy recently completed a successful IPO in India, further enhancing Prosus’s investment value.
Just Eat Takeaway.com Overview
Founded in 2000, Just Eat Takeaway.com has established itself as one of Europe’s most prominent online food delivery companies. Operating in 17 international markets, the company connects 61 million customers with over 356,000 restaurant partners.
In 2024, the company generated:
- €26.3 billion in GTV (€18.9 billion excluding Grubhub).
- €460 million in adjusted EBITDA (€313 million excluding Grubhub).
- A strong brand presence in key European markets, making it a valuable acquisition target for Prosus.
Regulatory Considerations and Next Steps
The acquisition process will follow regulatory approval procedures in Europe, ensuring compliance with antitrust laws and stock exchange requirements. The transaction is expected to close by the second half of 2025, subject to shareholder approval and regulatory clearances.
Legal Disclosures and Restrictions
This announcement is made in accordance with Section 17, paragraph 1 of the European Market Abuse Regulation (596/2014). The information provided herein is for informational purposes only and does not constitute an offer to buy or sell securities.
The distribution of this press release may be restricted by law in certain jurisdictions. Individuals in possession of this document should ensure compliance with applicable legal restrictions. Neither Prosus nor Just Eat Takeaway.com assumes any liability for any legal violations arising from the distribution of this announcement.
