Dutch technology investor Prosus is set to acquire European food delivery giant Just Eat Takeaway.com in an all-cash deal valued at approximately €4.1 billion ($4.3 billion). This offer comes with a 63% premium on Just Eat’s closing share price from Friday, at €20.3 per share.
The acquisition will see Just Eat Takeaway delist from the London Stock Exchange, citing “low liquidity and trading volumes” as reasons for the move. The deal aligns with Prosus’s goal to bolster its position in Europe’s competitive food delivery market, leveraging Just Eat’s strong brand recognition and market presence in key European regions.
Fabricio Bloisi, CEO of Prosus and its parent company Naspers, expressed enthusiasm about the deal, stating, “We are very excited for Just Eat Takeaway.com to join the Prosus group and the opportunity to create a European tech champion.” Bloisi emphasized that combining Prosus’s technical expertise and investment capabilities with Just Eat’s established position would generate significant value for customers, drivers, partners, and shareholders alike.
Founded in 2001, Just Eat Takeaway has grown to become a leader in the European online food delivery sector, acting as a platform connecting independent takeaway outlets with customers, often through gig workers who deliver food via bicycles and other transportation. Despite challenges in market liquidity, the deal with Prosus represents a promising strategic move for the future of the company.
As the merger advances, attention will be on the integration of both firms and the potential synergies created by this acquisition.
Key Points:
- Deal Value: €4.1 billion ($4.3 billion)
- Premium: 63% above Just Eat’s share price on Friday
- Reason for Delisting: Low liquidity and trading volume
- Prosus Vision: Strengthening European market leadership and creating long-term value
This merger underscores the growing trend of consolidation in the food delivery sector, as companies seek to leverage their technology and market share to maintain competitive advantage.
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