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Tech giant Prosus has closed a deal to buy Just Eat Takeaway.com for €4.1 billion, a deal unanimously backed by the food delivery platform’s board. The offer, which will be paid in cash, proposes €20.30 per share, representing a 63.4% premium to last Friday’s closing share price.
This purchase marks an important step for Prosus, which has had an interest in Just Eat since before the pandemic. In 2019, Naspers, Prosus’ main shareholder and owner of 25% of Delivery Hero (Glovo’s parent company), tried to acquire Just Eat with a £5.5bn (around €6.64bn) bid, but it was ultimately Takeaway.com that took control of the British company in 2020.
According to the statement from both companies, the board of Just Eat Takeaway.com considers Prosus’ offer to be beneficial to the sustainable future of the company and therefore “unanimously” supports the transaction and recommends its shareholders to accept the proposal. In addition, some key members of the company’s board, who hold 8.1% of the shares, have confirmed their commitment to tender their shares in the offer.
Prosus, for its part, has indicated that it will support Just Eat Takeaway.com’s growth strategy and that it has no plans to spin off any part of the company. Just Eat’s headquarters will remain in Amsterdam and its most relevant brands will be maintained. They have also ensured that additional capital will be provided to continue to drive growth in sectors such as food, online grocery, financial technology and other related businesses. On the employment front, Prosus does not foresee any significant job cuts as a result of the deal.
‘With Prosus‘ technology capabilities and investment power, coupled with Just Eat Takeaway.com’s strong brand position in key European markets, we will create significant value for our customers, delivery drivers, partners and shareholders,’ commented Fabricio Bloisi, CEO of Prosus and Naspers.