Naspers’s European-listed subsidiary, Prosus, has reached an agreement to acquire Just Eat Takeaway.com, a prominent player in the on-demand fast-food sector in Europe, for €4.1 billion (approximately R79 billion) in an all-cash transaction. Prosus is offering Just Eat shareholders €20.30 per share, representing a substantial 49% premium over the three-month volume-weighted average share price and a 22% premium compared to Just Eat’s three-month high. This acquisition has garnered the full support of Just Eat’s management team and board of directors.
In a statement released on Monday, Prosus expressed its vision for the acquisition, stating, “Prosus sees an opportunity to accelerate growth at Just Eat Takeaway.com, leveraging its strong industry experience to innovate and drive efficiencies.” If the deal successfully navigates regulatory approval, it is expected to establish the world’s fourth-largest food delivery group.
Fabricio Bloisi, CEO of Naspers and Prosus, highlighted the strategic advantages of the acquisition, noting,
Prosus already has an extensive food delivery portfolio outside 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. We believe that combining Prosus’s strong technical and investment capabilities with Just Eat Takeaway.com’s leading brand position in key European markets will create significant value for our customers, drivers, partners, and shareholders.
Prosus has a strong history of investment in the food delivery sector, having allocated over $10 billion globally to drive growth and success in this category. Currently, Prosus’s food delivery businesses operate in more than 80 countries, serving over a million restaurants worldwide. The portfolio includes full ownership of iFood, the leading food delivery platform in Latin America, as well as a 28% stake in Delivery Hero, a global food delivery company, and a 4% stake in Meituan, the largest food delivery service in the world. Additionally, Prosus holds a 25% stake in Swiggy, a food and grocery delivery platform in India, which recently completed its initial public offering.
Just Eat Takeaway.com operates across 17 countries and reported a gross transaction value of €26.3 billion in 2024 (€18.9 billion excluding Grubhub), along with an adjusted EBITDA of €460 million (€313 million excluding Grubhub). The company previously acquired the US food-ordering platform Grubhub for $7.3 billion in 2020 but sold it last month for a mere $650 million. Since the surge in online food ordering and deliveries during the COVID-19 pandemic, Just Eat’s share price has plummeted by nearly 90%, making it an attractive acquisition target for Prosus. This proposed transaction marks the largest deal to date under Bloisi’s leadership.
