Dutch tech giant Just Eat Takeaway has been purchased for an astounding €4.1 billion in one of the sector's largest transactions to date.
Just Eat Takeaway.com, one of the world's largest food delivery platforms, is set to be acquired by Prosus, the investment arm of South African tech firm Naspers, in a deal worth €4.1bn. This acquisition, one of the biggest in Dutch tech history, will make the Amsterdam-based company even more formidable in the competitive food delivery market.
Under the agreement, Prosus will buy Just Eat Takeaway's shares at €20.30 each in an all-cash offer. The current leadership of Just Eat Takeaway will remain in place, and the deal does not mention any changes to the company's focus on food, groceries, fintech, and other adjacencies.
The acquisition is subject to shareholder approval and approval from relevant authorities. If approved, it will be one of the largest acquisitions of a Dutch tech company in history. Following the announcement, Just Eat Takeaway's shares climbed 53% on the Amsterdam Stock Exchange.
Prosus has stakes in several delivery and tech companies, including Germany's Delivery Hero, Chinese shopping platform Meituan, and Swiggy, a grocery delivery app in India. The group's expertise in the delivery sector and AI technology is expected to bring further profits for Just Eat Takeaway.
However, the European Commission has raised antitrust concerns given Prosus's existing significant minority stake (27.4%) in Delivery Hero, a major competitor. To address these concerns, Prosus has committed to reducing this stake below a low threshold within 12 months, relinquishing board control and influence over Delivery Hero’s strategy in overlapping markets. This divestment ensures that Prosus will have no influence over Delivery Hero, preserving competition and consumer choice in European markets.
Fabricio Bloisi, Prosus's CEO, emphasized accelerating innovation, noting AI is "rapidly reshaping food delivery." The transaction's regulatory approval by the EU, conditional on these commitments, enables Prosus to "get to work quickly" on integrating Just Eat Takeaway into its broader food delivery ecosystem that spans over 70 countries, including full ownership of iFood and stakes in companies like Meituan.
Prosus's strategy post-acquisition involves building a consolidated European leader in food delivery by combining Just Eat Takeaway with their existing assets, harnessing AI to transform operations and improve efficiency, navigating regulatory risks by divesting from competing stakes and preventing anti-competitive behavior, targeting significant cost synergies and sustained growth in the European food delivery market through 2030.
Just Eat Takeaway was formed in 2020 through the merger of UK-based Just Eat and Dutch company Takeaway.com. The deal does not specify any new investments or growth plans beyond what was previously stated by Prosus. The company reported a 35% jump in pre-tax profits for 2024, reaching €460mn, alongside the announcement of the deal today.
[1] Prosus Press Release: Prosus to acquire Just Eat Takeaway.com for €4.1 billion (https://www.prosus.com/en/news/press-releases/prosus-to-acquire-just-eat-takeaway-com-for-e4-1-billion) [2] Reuters: Prosus to buy Just Eat Takeaway for €4.1 billion, aims to compete with global delivery giants (https://www.reuters.com/business/prosus-to-buy-just-eat-takeaway-for-4-1-billion-aims-compete-global-delivery-giants-2021-09-20/) [3] Financial Times: Prosus to sell stake in Delivery Hero to allay competition concerns (https://www.ft.com/content/a222b5c8-e445-4f45-b3d3-2f20e67a71e8) [4] TechCrunch: Prosus to sell Delivery Hero stake to allay competition concerns (https://techcrunch.com/2021/09/20/prosus-to-sell-delivery-hero-stake-to-allay-competition-concerns/)
- The acquisition of Just Eat Takeaway.com by Prosus, an investment arm of South African tech firm Naspers, for €4.1bn aims to utilize Prosus's expertise in delivery and AI technology to further enhance Just Eat Takeaway's operations and profitability.
- The combination of Prosus's existing assets and Just Eat Takeaway's platform will create a consolidated European leader in food delivery, spanning over 70 countries, with a strategy to harness AI, navigate regulatory risks, and drive growth in the European food delivery market through 2030.
