Dutch food delivery giant Just Eat Takeaway is set to be acquired by South African investment group Prosus in a €4.1 billion all-cash deal that will see the company delist from public markets in Amsterdam.
The offer values Just Eat’s shares at €20.30 each, representing a 22% premium over its highest share price in the past three months, though a fraction of its pandemic-era peak of over €100 per share.
The acquisition follows years of decline for Just Eat Takeaway, which at its height during the Covid-19 pandemic reached a valuation of €20 billion. In 2024, the company reported revenue of €5 billion, down from €5.1 billion in 2023, and a net loss of €1.6 billion in 2024, an improvement from the €1.8 billion loss recorded the previous year.
“The supervisory board unanimously supports the Offer and is confident this outcome is in the best interest of Just Eat Takeaway.com and all its stakeholders. Just Eat Takeaway.com will benefit from Prosus’ significant financial resources to support investment in the business with a long-term investment horizon,” Dick Boer, Chairman of the supervisory board of Just Eat Takeaway.com
The past few years have been turbulent for Just Eat Takeaway. The company made significant cost-cutting moves, including multiple rounds of layoffs affecting over 2k employees, and dropped its secondary listing on the London Stock Exchange in an effort to reduce mounting costs.
One of its most costly missteps was the acquisition of US-based Grubhub for €6.9 billion in 2021, only to sell it off for €621 million last November—a fraction of the purchase price.
Despite these challenges, Just Eat’s CEO Jitse Groen remains optimistic about the company’s future under Prosus. “Just Eat Takeaway.com is now a faster growing, more profitable and predominantly European-based business. Prosus fully supports our strategic plans and its extensive resources will help to further accelerate our investments and growth across food, groceries, fintech and other adjacencies. We are looking forward to an exciting future together.”
Prosus, which holds stakes in German food delivery firm Delivery Hero (28%), Chinese shopping platform Meituan (4%), and Indian grocery delivery service Swiggy (25%), has long pursued Just Eat. In 2019, it attempted a hostile €6.1 billion bid for Just Eat before the company merged with Dutch competitor Takeaway.com.
Prosus, owned by South African conglomerate Naspers, views the acquisition as a strategic expansion of its food delivery portfolio.
“We are very excited for Just Eat Takeaway.com to join the Prosus group and the opportunity to create a European tech champion. Prosus already has an extensive food delivery portfolio outside of 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 AI. We believe that combining Prosus’ 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 Fabricio Bloisi, CEO of Prosus.
Pending regulatory and shareholder approval, the acquisition will make Prosus one of the largest food delivery investors globally. Just Eat’s management, including Groen, is expected to remain in place following the takeover with the company continuing to be based in the Amsterdam.
Read the orginal article: https://www.eu-startups.com/2025/02/just-eat-takeaway-acquired-by-prosus-in-e4-1-billion-deal-amid-e1-6-billion-net-loss/
