- Just Eat Takeaway.Com N.V
- 24 February 2025 14:26:48
Source: Sharecast
The companies said in a joint statement on Monday that the offer of €20.30 per share in cash represents a premium of 63% to the closing Just Eat share price on Friday.
Fabricio Bloisi, chief executive of Prosus and Naspers group, said: "We are very excited for Just Eat Takeaway.com to join the Prosus group and the opportunity to create a European tech champion. Prosus already has an extensive food delivery portfolio outside of Europe and a proven track record of profitable growth through investment in our customer and driver experiences, restaurant partnerships, and world-class logistics, powered by innovation and AI.
"We believe that combining Prosus' strong technical and investment capabilities with Just Eat Takeaway.com’s leading brand position in key European markets will create significant value for our customers, drivers, partners, and shareholders."
Prosus already has a 28% stake in Delivery Hero, a 4% stake in Chinese shopping platform Meituan and a 25% stake in Swiggy, India’s largest food and grocery delivery platform.
Jitse Groen, CEO and founder of Just Eat Takeaway.com, said: "Just Eat Takeaway.com is now a faster growing, more profitable and predominantly European-based business. Prosus fully supports our strategic plans and its extensive resources will help to further accelerate our investments and growth across food, groceries, fintech and other adjacencies.
"We are looking forward to an exciting future together."
Just Eat, which is listed on the Amsterdam Stock Exchange, delisted from the London Stock Exchange in December, citing high costs and regulatory burdens.
Russ Mould, investment director at AJ Bell, said: "There remains a large appetite for consolidation in the online food delivery sector. It’s all about gaining scale. Just Eat has had its fair share of bites at the cherry, and now the tables have turned and it is being gobbled up.
"Prosus has its fingers in many pies for the online food delivery sector, owning Brazilian platform iFood, and minority stakes in the likes of Delivery Hero, Meituan and Swiggy. Adding Just Eat to its stable would give Prosus a much stronger position in Europe and an opportunity to apply its technological advancements to a business that has found life a lot harder since the pandemic ended.
"Like many industries, the online food delivery got a boost during Covid times, but reality soon hit when the pandemic faded away as demand levels eased back. That led operators like Just Eat to reassess their growth plans, offload underperforming operations and focus on fine-tuning their engine. Prosus is banking on its experience with AI as being the golden ticket to breathe new life into Just Eat."
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "Just Eat Takeaway is being gobbled up to bulk out Prosus to fulfil its ambitions to become a mega global platform in the consumer delivery and fin tech space.
"Prosus wants to get fingers in the pies where Uber has already found a sweet spot, eyeing up opportunity rights across the consumer-focused space, with potential to offer groceries, restaurant made meals and financial services in simple clicks. The vast data pools offered also provide opportunities for AI tools to maximise efficient consumer targeting."