Naspers’s European-listed subsidiary Prosus has agreed to buy Just Eat Takeaway.com, a major European player in the on-demand fast-food sector, for €4.1-billion (R79-billion) in an all-cash deal.
Prosus is offering Just Eat shareholders €20.30/share in cash, a 49% premium to the three-month volume-weighted average share price and a 22% premium to Just Eat’s three-month high.
The proposed acquisition has the full backing of Just Eat’s management team and board.
“Prosus sees an opportunity to accelerate growth at Just Eat Takeaway.com, leveraging its strong industry experience to innovate and drive efficiencies,” Prosus said in a statement on Monday. It said the deal, if it passes regulatory muster, will create the world’s fourth-largest food delivery group.
“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,” said Naspers and Prosus CEO Fabricio Bloisi in a statement.
Track record
“Prosus has a strong track record in food delivery outside of Europe, having invested more than US$10-billion globally in driving the category’s momentum and success. Today Prosus’s food businesses span more than 80 countries, serving more than a million restaurants around the world,” Bloisi said.
The current Prosus food portfolio includes full ownership of iFood, Latin America’s top food delivery platform. Prosus also holds a 28% stake in Delivery Hero, a global food delivery company, and a 4% stake in Meituan, the world’s largest food delivery business. It also holds a 25% stake in Swiggy, a food and grocery delivery platform in India, which recently completed an initial public offering.
Read: Naspers CEO is on the hunt for deals – with $20-billion to spend
Just Eat Takeaway.com operates in 17 countries. In 2024, it generated €26.3-billion in gross transaction value (€18.9 billion excluding Grubhub) and delivered an adjusted Ebitda of €460-million (€313-million excluding Grubhub). Just Eat bought the US food-ordering platform Grubhub for $7.3-billion in 2020 but sold it again last month for just $650-million.
Since the Covid-19-induced boom in online food ordering and deliveries went bust, Just Eat’s share price has plunged by nearly 90%, making it a compelling acquisition target for Prosus. The proposed transaction is the biggest to date under Bloisi’s leadership. – © 2025 NewsCentral Media
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