Prosus acquires Just Eat Takeaway.com for $4.3 billion

In a significant move for the European food delivery sector, Dutch technology investor Prosus is set to acquire Just Eat Takeaway.com, a major player in the market. The all-cash deal is valued at approximately €4.1 billion (around $4.3 billion), and it comes after Just Eat faced a turbulent period following the Covid-19 pandemic. The acquisition aims to strengthen Prosus's position and create a more robust tech-driven entity within the food delivery landscape. The offer surfaced just days after Just Eat experienced a decline in stock prices due to changing consumer habits. Just Eat's shares are being offered at €20.30 each, reflecting a premium of 63% over its closing price prior to the deal announcement. This acquisition follows a series of challenges for Just Eat, including a major decline in trading performance and de-listing from the London Stock Exchange, which the company attributed to high regulatory burdens. The company's restructuring efforts have included the divestment of its GrubHub arm for a significantly lowered value compared to its initial purchase price. Fabricio Bloisi, Prosus and Naspers group CEO, highlighted the potential for growth after the acquisition by stating that Just Eat will benefit from Prosus' extensive resources. Jitse Groen, CEO and founder of Just Eat Takeaway.com, echoed these sentiments, expressing excitement about the future collaboration aimed at expanding within various sectors such as food delivery, groceries, and fintech. The partnership is expected to heighten competition within the industry as Prosus joins forces with Just Eat to enhance its market presence across Europe. As the fourth largest food delivery company globally post-acquisition, this merger could reshape the landscape of the industry, allowing both companies to leverage their strengths and navigate post-pandemic challenges effectively. Prosus's existing stake in Delivery Hero and its other global food delivery ventures indicate their commitment to establishing a sound competitive foundation across markets. The infusion of technical capabilities and significant investment resources into Just Eat is projected to create a stronger, unified brand that can adapt to current market demands while effectively serving the needs of customers.