NEW YORK — Europe’s Just Eat Takeaway.com could soon have a new owner. Technology investment company Prosus has agreed to buy the food delivery giant for 4.1 billion euros ($4.29 billion).
The companies announced the all-cash offer, which values Just Eat Takeaway.com at 20.30 euros ($21.24) per share, on Monday. Prosus says the deal would create the fourth-largest food delivery group worldwide.
Acquiring Just Eat Takeaway.com will particularly boost Prosus’ food delivery portfolio in Europe. The tech investor, which is based in Amsterdam and majority-owned by South Africa’s Naspers, has already tapped into this business both in and outside of the continent — including through its full ownership of Brazil-based platform iFood and a 28% stake in Germany’s Delivery Hero.
Still, CEO Fabricio Bloisi said the Just Eat Takeaway.com deal brings “the opportunity to create a European tech champion.”
Just Eat Takeaway.com, also based in Amsterdam, currently operates in 17 countries — but has recently doubled down on its markets in Europe. And recently, the company exited its U.S. operations by selling Grubhub to New York-based Wonder Group. The $650 million a transaction, which closed last month, represented a fraction of the $7.3 billion Just Eat agreed to buy Grubhub for back in 2021.
“Just Eat Takeaway.com is now a faster growing, more profitable and predominantly European-based business,” Just Eat Takeaway.com CEO Jitse Groen said in a statement Monday — adding that Prosus’ offer “fully supports” the company’s strategic plans going forward. “We are looking forward to an exciting future together.”
Takeaway.com, which merged with Just Eat in 2020, was founded back in 2000 — making it one of the earliest entries in the food delivery sector. But competition rapidly increased as now-popular platforms, such as Uber Eats and DoorDash in the U.S., also joined the game. And customers jumping between apps can make it difficult to keep sales stable.
The Prosus transaction is subject to regulatory approval and other closing conditions. But the offer is expected to be settled by the end of the year.
Shares of Just Eat were up over 54% on Monday. Meanwhile, Prosus’ stock sank 7.29%.
