Prosus announced it has reached a conditional agreement to acquire Just Eat Takeaway.com to create the fourth largest food delivery group globally. Prosus plans to acquire Just Eat Takeaway.com’s entire issued share capital for €20.30 per share via a recommended all-cash public offer on the Amsterdam exchange. This represents a 49% premium to the 3-month VWAP as of February 21, 2025, and a 22% premium to Just Eat Takeaway.com’s highest share price over the last three months.
Buying Just Eat Takeaway.com provides a unique opportunity to extend the leadership of a strong European food delivery platform, complementing Prosus’s existing food delivery footprint outside of Europe.
Just Eat Takeaway.com has a deep connection to its customer base and has developed some of the most loved food delivery brands in Europe. The company’s success within the United Kingdom, Germany, and the Netherlands has led to profitable and cash-generative operations with considerable growth potential, which Prosus plans to build on.
As a leading global food delivery investor and operator, with a proven track record in successfully scaling e-commerce platforms, Prosus is well positioned to invest in and accelerate growth at Just Eat Takeaway.com to unlock value beyond its standalone potential as a listed business. Prosus’ highly effective growth strategy at iFood, in Brazil, provides a ready guide to transform Just Eat Takeaway.com’s growth path through renewed focus across tech, product features, demand generation, offer quality and service.
Prosus’ AI capabilities have been fundamental to the success of iFood. And the implementation of AI has transformed operations at iFood and enhanced the customer experience and support for drivers, making it the most loved brand in Brazil. Similar opportunities exist at Just Eat Takeaway.com to improve the customer and driver experience, boost service reliability, and optimise logistics.
Prosus has a strong track record in food delivery outside of Europe, having invested over $10 billion globally in driving the category’s momentum and success. And Prosus’ food businesses span 70+ countries, serving 1m+ restaurants around the world.
The current portfolio includes full ownership of iFood, which is Latin America’s leading food delivery platform. And Prosus holds a 28% stake in Delivery Hero, a leading global food delivery company and an approximate 4% stake in Meituan, the world’s largest food delivery business. Plus, Prosus also holds a 25% stake in Swiggy, a leading food and grocery delivery platform in India, which recently completed a successful IPO in India.
Just Eat Takeaway.com runs in 17 international markets, with leading positions in the majority of its markets. And across its markets, it connects 61 million customers with over 356,000 local partners. As one of Europe’s most well-known food delivery brands platforms, Just Eat Takeaway.com has strong brand awareness in most of its markets. In 2024, the company generated €26.3 billion in GTV (€18.9 billion excl. Grubhub) and delivered an adjusted EBITDA of €460 million (€313 million excluding Grubhub).
Goldman Sachs is acting as a financial advisor to Prosus. And Allen Overy Shearman Sterling, Skadden, Arps Slate, Meagher & Florm and Davis Polk & Wardwell London are acting as legal advisors to Prosus. Brunswick and FGS are acting as communications advisors to Prosus. Gleacher Shacklock and Morgan Stanley. International are acting as financial advisor and De Brauw Blackstone Westbroek is acting as legal advisor to Just Eat Takeaway.com. Lazard provided an independent fairness opinion to the Supervisory Board of Just Eat Takeaway.com and Freshfields is acting as legal advisor to the Supervisory Board. Confidant Partners is acting as the communications advisor to Just Eat Takeaway.com.
KEY QUOTES:
“We are excited for Just Eat Takeaway.com to join the Prosus Group and the opportunity to create a European tech champion. Prosus already has an extensive food delivery portfolio outside of Europe and a proven track record of profitable growth through investment in our customer and driver experiences, restaurant partnerships, and world-class logistics, 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.”
– Fabricio Bloisi, Prosus’s CEO
“Just Eat Takeaway.com is now a faster growing, more profitable and predominantly European-based business. 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. We are looking forward to an exciting future together.”
– Just Eat Takeaway.com CEO Jitse Groen
