Prosus to Acquire Just Eat Takeaway in $4.3 Billion Cash Deal

Naspers’ European investment arm, Prosus, has announced plans to acquire Amsterdam-based food delivery giant Just Eat Takeaway.com in an all-cash deal worth $4.3 billion. The acquisition, if approved by regulators, will establish one of the world’s largest food delivery networks.

A Strategic Expansion

According to a statement from Prosus, the deal, valued at $22.02 per share, marks a 49% premium over Just Eat Takeaway’s three-month volume-weighted average price. Before the announcement, Just Eat Takeaway’s shares closed at $13.48 last Friday.

This move aligns with Prosus CEO Fabricio Bloisi’s strategy to expand beyond the company’s initial investment in Chinese gaming giant Tencent Holdings Ltd. “Prosus sees an opportunity to accelerate growth at Just Eat Takeaway, leveraging its strong industry experience to innovate and drive efficiencies,” the company stated.

Bloisi added that the acquisition would combine Prosus’s technical expertise with Just Eat Takeaway’s brand strength in Europe. “This partnership will deliver significant value for customers, drivers, partners, and shareholders,” he said.

A History of Bold Moves

This is not the first time Prosus has set its sights on Just Eat. In 2019, the company attempted to take over the British food delivery firm with a £5.1 billion bid but was outbid by Takeaway.com, leading to the formation of Just Eat Takeaway. The merged company joined London’s FTSE 100 index and was once valued at £15 billion. However, its trajectory has been bumpy, with pandemic-driven gains reversing due to questionable investments.

Prosus, meanwhile, has steadily built a dominant food delivery portfolio. It fully owns iFood, Latin America’s biggest food delivery platform, and holds a 28% stake in Delivery Hero. Additionally, it has a 4% share in Meituan, the world’s largest food delivery service, and a 25% stake in India’s Swiggy, which recently went public.

Just Eat Takeaway’s Rocky Ride

Operating in 17 countries, Just Eat Takeaway reported a gross transaction value of $28.5 billion and an adjusted EBITDA of $498 million in 2024. However, its past investments have not always paid off. In 2020, the company acquired U.S.-based Grubhub for $7.3 billion, only to offload it last month for a mere $650 million.

With this latest acquisition, Prosus aims to stabilise Just Eat Takeaway’s operations while solidifying its foothold in the competitive food delivery landscape.