Naspers-owned Prosus buys Just Eat Takeaway.com for nearly R80 billion

Dutch investment group Prosus said on Monday it plans to buy Just Eat Takeaway.com for €4.1 billion (R78.5 billion) to create the fourth largest food delivery group globally.

For the latest financial news, bookmark The South African website’s dedicated section for free-to-read content

Prosus has stakes in food business across more than 70 countries including full ownership of iFood, Latin America’s leading food delivery platform, plus stakes in Delivery Hero and Meituan.

Extensive food delivery portfolio

The deal unlocks an “opportunity to create a European tech champion,” Prosus chief executive Fabricio Bloisi said in a statement.

He said Prosus already has an extensive food delivery portfolio outside of Europe, plus restaurant partnerships and logistics know-how powered by innovation and AI.

“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 Bloisi.

One of Europe’s most recognised food delivery brands platforms, Just Eat Takeaway.com operates in 17 international markets.

Prosus mounted in 2019 a hostile takeover against British firm Just Eat, but it chose instead to ally with Dutch rival Takeaway.com.

Prosus is owned by the South African tech conglomerate Naspers Limited.

Considerable premium

The Prosus offer to Just Eat Takeaway shareholders of €20.30 per share represents a considerable premium to its closing price of €12.42 on Friday.

Its price soared nearly 54 percent to €19.12 on midday trading on the Amsterdam stock exchange.

After booming during the Covid pandemic when consumers stuck at home splurged on delivered meals, Just Eat Takeaway has faced difficulties in numerous markets and laid off staff.

Last month it finalised for $650 million the sale of its US unit Grubhub, which bought in 2021 at the height of the delivery boom for $7.3 billion.

Just Eat Takeaway cut its loss to €1.64 billion from €1.85 billion in 2023.

Shares of Prosus and Naspers were down 7% on Monday morning on the JSE, while at the same time, major investee Tencent was down almost 4%. 

Your thoughts on the acquisition?

Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1

Subscribe to The South African website’s newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.