Dutch investment group Prosus is set to acquire Just Eat Takeaway, in a €4.1bn deal that will see the food delivery giant delist from public markets in Amsterdam.
Just Eat’s share price has tumbled in recent years, following a surge during Covid that saw it hit a high of €110 a share in October 2020. Prosus intends to acquire the company’s entire issued share capital for €20.30 per share.
The deal follows a raft of cost-cutting measures implemented by Just Eat over the past couple of years.
The company laid off over 2,000 employees across multiple rounds of redundancies and announced late last year that it would drop its secondary listing on the London Stock Exchange in a bid to reduce costs.
Just Eat reported a net loss of €1.6bn in 2024, down from €1.8bn the previous year. Revenue hit €5bn last year, down from 5.1bn in 2023.
“Just Eat Takeaway.com is now a faster growing, more profitable and predominantly European-based business,” CEO Jitse Groen said in a statement on Monday. “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.”
The company sold US food delivery platform GrubHub last November for $650m, a fraction of the $7.3bn it paid for the company in 2021.
Prosus also owns stakes in German food delivery company Delivery Hero, Chinese shopping platform Meituan and Indian food and grocery delivery platform Swiggy.
“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 Prosus CEO Fabricio Bloisi in a statement on Monday.
The acquisition, recommended by Just Eat’s board but conditional of regulatory and shareholder approval, will make Prosus the fourth largest food delivery group globally, the investor said.
Groen and Just Eat’s management would stay on after the acquisition, the FT reported.
Read the orginal article: https://sifted.eu/articles/just-eat-acquisition-prosus-news/
