Prosus Acquires Just Eat Takeaway for €4.1 Billion, Expanding European Food Delivery Footprint

2025-02-24 community

Amsterdam, Monday, 24 February 2025.
Prosus’s acquisition of Just Eat Takeaway for €4.1 billion marks a strategic move to enhance its position in the European food delivery market, leveraging AI and extensive resources.

Deal Structure and Valuation

Prosus has agreed to acquire Just Eat Takeaway.com in an all-cash transaction valued at €4.1 billion, offering €20.30 per share [1]. This represents a significant 63% premium over the closing price on February 21, 2025, and a 49% premium over the three-month volume-weighted average price [2]. The deal has received unanimous support from Just Eat Takeaway.com’s Management and Supervisory Boards, with CEO Jitse Groen and other board members committing to tender approximately 8.1% of shares [3].

Strategic Rationale and Market Position

The acquisition strengthens Prosus’s presence in the European food delivery sector, complementing its existing portfolio which includes a 28% stake in Delivery Hero and investments in various global delivery platforms [4]. Just Eat Takeaway.com operates profitable businesses in key European markets, including the UK, Germany, and the Netherlands [2]. The company has undergone significant transformation recently, including its delisting from the London Stock Exchange in December 2024 to reduce administrative costs [5].

Future Operations and Integration

Under the agreement, Just Eat Takeaway.com will maintain its headquarters in Amsterdam and retain its brand identity [3]. Prosus plans to leverage its technical capabilities and investment experience, particularly in AI implementation, which has been successful with its iFood operations [6]. The transaction is expected to complete by the end of 2025, subject to regulatory approvals [2]. Prosus CEO Fabricio Bloisi aims to create a ‘European tech champion’ by investing in technology and AI development [1].

Financial Performance and Outlook

Just Eat Takeaway.com demonstrated strong financial performance in 2024, generating €26.3 billion in Gross Transaction Value and delivering an adjusted EBITDA of €460 million [2]. However, the company recently reported a net loss of €1.65 billion for 2024, including €1.16 billion related to its former Grubhub asset [7]. The acquisition by Prosus, with its substantial resources and track record of over US$10 billion invested globally in food delivery operations across 70+ countries, positions the combined entity for accelerated growth in the European market [2].

Bronnen

acquisition food delivery