Naspers-Owned Prosus to Acquire Just Eat Takeaway in $4.3B Deal
TLDR
- Dutch tech investor Prosus is set to acquire European food delivery firm Just Eat Takeaway.com in an all-cash deal worth $4.3 billion
- Prosus, majority owned by South Africa’s Naspers, already holds a 28% stake in Delivery Hero
- Prosus expects the acquisition to strengthen Just Eat’s position in key European markets
Dutch tech investor Prosus is set to acquire European food delivery firm Just Eat Takeaway.com in an all-cash deal worth €4.1 billion ($4.3 billion). The offer values Just Eat shares at €20.3 each, a 63% premium to Friday’s closing price.
Prosus, majority owned by South Africa’s Naspers, already holds a 28% stake in Delivery Hero. Just Eat shares surged 54.7% on Monday, reaching a new 52-week high, and closed up 54.1%. Prosus shares fell 8.7%, while Delivery Hero was little changed after an early rise of 3.2%.
Just Eat has struggled post-pandemic as demand slowed. It delisted from the London Stock Exchange last year to cut costs and simplify compliance. In November, it sold GrubHub to Wonder for $650 million, far below its original $7.3 billion purchase price. Prosus expects the acquisition to strengthen Just Eat’s position in key European markets and expand its food, grocery, and fintech services.
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Key Takeaways
Just Eat Takeaway.com’s acquisition marks a strategic consolidation in the food delivery industry, where companies have struggled to maintain post-pandemic growth. The sector initially thrived as lockdowns drove demand, but shifting consumer habits and rising costs have pressured firms to refocus operations. The deal strengthens Prosus’ presence in European food delivery, building on its existing investments in Delivery Hero. It also signals further consolidation in the space, with major players focusing on profitability rather than rapid expansion. For Just Eat, Prosus’ backing could provide financial stability and resources for expansion beyond food delivery into grocery and fintech. The company has already reduced its exposure in the U.S. with the sale of GrubHub. The broader industry trend suggests a move towards efficiency, scale, and strategic partnerships as food delivery firms adapt to changing market conditions.
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