Prosus to Acquire Just Eat Takeaway in €4.1 Billion Deal

Dutch tech investor Prosus is set to acquire European food delivery giant Just Eat Takeaway.com in a deal worth approximately €4.1 billion ($4.3 billion). The offer values Just Eat’s shares at €20.3 each, a 63% premium compared to the company’s last closing price. The acquisition, which has received unanimous support from Just Eat’s management and board, aims to create a "European champion" in the food delivery sector.

Just Eat shares surged by as much as 56% in Amsterdam following the announcement, while Prosus shares dropped more than 6%. Prosus, which already owns a 28% stake in global competitor Delivery Hero, has an extensive food delivery portfolio, including full ownership of Brazil’s iFood and investments in India’s Swiggy and other regional platforms.

Prosus CEO Fabricio Bloisi emphasized the potential of Just Eat’s key markets in the UK, Germany, and the Netherlands. "Its success within these regions has led to profitable, cash-generative operations, with considerable growth potential, which Prosus intends to build upon," the company said in a statement.

The acquisition comes at a crucial time for the food delivery industry, which experienced rapid growth during the pandemic but has since struggled with changing consumer habits and price wars. Just Eat has been restructuring its business, including selling its U.S. subsidiary, Grubhub, for $650 million—a fraction of the $7.3 billion it originally paid.

Bloisi, who took over Prosus and its parent company Naspers last year, has a history of scaling food delivery businesses. Under his leadership, iFood became Brazil’s largest online food delivery platform by leveraging AI for personalized recommendations and logistics optimization. Prosus plans to apply a similar strategy to Just Eat to enhance operations and service quality.

While Just Eat will remain headquartered in Amsterdam, Prosus intends to accelerate its growth through investments in AI, logistics, and customer experience. "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," Bloisi stated.

The deal also highlights Prosus’ broader ambitions beyond its historic investment in Tencent, which has long dominated its portfolio. Bloisi recently stated that the company has $18 billion in cash and could use up to $11 billion for acquisitions. However, he stressed that the priority now is to integrate Just Eat and drive growth.

Despite the optimism surrounding the acquisition, investors have raised concerns about overpaying for food delivery firms at a time when industry consolidation is increasing. Prosus, however, remains confident in Just Eat’s long-term potential, pointing to its ability to compete with Uber Eats and Deliveroo by leveraging its existing food delivery expertise.

For Just Eat, the takeover provides stability after years of turbulence, including its delisting from the London Stock Exchange and struggles to maintain post-pandemic growth. With Prosus backing its expansion, the company is poised for a new phase of development in the competitive food delivery landscape.