NEW YORK — Just Eat Takeaway.com, the European food delivery service, may be headed for a change in ownership as Prosus, a technology investment firm, has proposed to purchase the company for 4.1 billion euros (approximately $4.29 billion).
The two companies revealed the all-cash bid on Monday, indicating a share value of 20.30 euros (around $21.24) for Just Eat Takeaway.com. If the acquisition goes through, it would position Prosus as the owner of the fourth-largest food delivery service globally.
The acquisition is intended to enhance Prosus’s already significant presence in the food delivery market across Europe. Based in Amsterdam and primarily owned by South Africa’s Naspers, Prosus has made strategic moves into this sector both within and outside Europe, holding full ownership of the Brazilian platform iFood and a 28% investment in Germany’s Delivery Hero.
CEO Fabricio Bloisi remarked that this acquisition is an opportunity “to create a European tech champion.” Just Eat Takeaway.com, which operates from Amsterdam, has a footprint in 17 countries but has been focused on strengthening its European market presence.
Recently, Just Eat Takeaway.com divested its U.S. operations by selling Grubhub to the New York-based Wonder Group for $650 million, a significant reduction from the $7.3 billion it initially spent to acquire Grubhub in 2021.
“Just Eat Takeaway.com is now a faster-growing, more profitable and predominantly European-based business,” commented CEO Jitse Groen in a statement released on Monday. He noted that the offer from Prosus aligns effectively with the company’s future strategy and expressed enthusiasm for their potential partnership.
Founded in 2000, Takeaway.com merged with Just Eat in 2020, becoming one of the pioneering firms in the food delivery industry. However, it now faces stiff competition from well-known platforms like Uber Eats and DoorDash in the U.S. The fluctuating customer preferences between different apps pose challenges for maintaining consistent sales.
The proposed transaction between Prosus and Just Eat Takeaway.com remains contingent upon receiving regulatory clearance and fulfilling other conditions but is anticipated to finalize by the end of this year.
On Monday, Just Eat’s shares surged over 54%, while Prosus experienced a decline, with its stock dropping by 7.29%.
