Prosus to acquire Just Eat Takeaway.com for €4.1bn in european food delivery push
Naspers subsidiary offers 49% premium in all-cash deal to create European food delivery champion
What has happened?
Naspers subsidiary Prosus N.V., has signed an agreement to acquire the European food delivery platform Just Eat Takeaway.com through its affiliate MIH Bidco Holdings B.V. The all-cash deal values the company at €4.1 billion, representing a strategic move to create a dominant European food delivery business.
Why is Prosus acquiring Just Eat Takeaway.com?
The acquisition serves multiple strategic objectives:
- Expands Prosus's food delivery presence into key European markets where Just Eat Takeaway.com holds leading positions (UK, Germany, Netherlands)
- Combines Prosus's technological capabilities and operational expertise with Just Eat Takeaway.com's strong brand recognition and established market presence
- Provides opportunity to apply Prosus's successful iFood growth strategies to enhance Just Eat Takeaway.com's performance
- Creates potential for operational improvements and growth acceleration through increased investment and technology integration
Key terms of the deal
- Offer price: €20.30 per share in cash
- Premium: 49% above Just Eat Takeaway.com's 3-month volume-weighted average price
- Funding: Through Prosus Group's existing cash resources
- Current operations: Just Eat Takeaway.com serves 61 million customers across 17 markets, partnering with 356,000 restaurants
- Financial performance: €26.3 billion in GTV and €460 million in adjusted EBITDA (2024)
Completion requirements
The transaction's completion depends on:
- Regulatory approvals across relevant jurisdictions
- Just Eat Takeaway.com shareholder approval
- Minimum acceptance threshold of 95% of issued shares
- Customary closing conditions for a Dutch listed company take-private
Following completion, Just Eat Takeaway.com will be delisted from Euronext Amsterdam, transitioning from a public to private company under Prosus's ownership.
Strategic implications
This acquisition marks a significant consolidation in the European food delivery market, combining Prosus's global expertise with Just Eat Takeaway.com's strong European presence. The deal's success will largely depend on effective integration and the successful implementation of operational improvements to drive growth and enhance market position.
Broker ratings and price targets
| Security | Analyst Reccomendation | No. of analysts | Price close | Price target | Discount/Premium | Total return YTD |
|---|---|---|---|---|---|---|
Naspers |
Buy |
9 |
4937.62 |
5437.23 |
-9.19 |
18.32 |
Prosus |
Strong buy |
8 |
45.98 |
53.76 |
-14.48 |
17.31 |
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