Prosus to acquire Just Eat Takeaway in $4.3B deal to expand its European footprint

Just Eat Takeaway.com, one of Europe’s biggest food delivery platforms, is set to be acquired by Dutch tech investor Prosus in an all-cash deal worth around €4.1 billion ($4.3 billion).

The acquisition news comes just three months after Just Eat Takeaway.com exited the London Stock Exchange (LSE), ending a 10-year run on the market since its initial listing.

According to a report from CNBC, the offer values Just Eat’s shares at €20.3 each, a 63% premium compared to the company’s closing price on Friday. Prosus, majority-owned by South Africa’s Naspers, already holds a 28% stake in Delivery Hero, another major food delivery company.

“European food delivery giant Just Eat Takeaway.com is poised to be acquired by Dutch technology investor Prosus in a deal worth roughly 4.1 billion euros ($4.3 billion),” CNBC reported.

Shares of Just Eat Takeaway.com surged 54.7% on Monday morning, reaching a new 52-week high before settling at a 53.9% gain. Prosus, on the other hand, saw its stock drop 6.8%, making it one of the worst performers in the pan-European Stoxx 600 index. Meanwhile, Delivery Hero’s shares climbed 3.2%.

Prosus CEO Fabricio Bloisi expressed excitement about the deal, calling it an opportunity to build a major force in European tech.

“We are very excited for Just Eat Takeaway.com to join the Prosus group and the opportunity to create a European tech champion,” Fabricio Bloisi, CEO of Prosus and Naspers group, said in a statement.

He added that Prosus’ expertise in technology and investment would bring more value to Just Eat’s customers, drivers, and shareholders.

A Tough Few Years for Just Eat

Like many food delivery companies, Just Eat saw a pandemic-fueled boom followed by a sharp slowdown as consumer behavior shifted. The stock price took a hit, struggling to regain momentum after the initial surge when lockdowns pushed demand for food delivery services.

Last year, the company delisted from the London Stock Exchange, citing high administrative and regulatory costs, making Amsterdam its sole trading venue.

In November, Just Eat announced the sale of its Grubhub business to New York-based startup Wonder for $650 million—a massive drop from the $7.3 billion it originally paid for the U.S. food delivery platform.

Just Eat CEO Jitse Groen sees the Prosus deal as a way to speed up the company’s growth across food, groceries, fintech, and more.

“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,” Bloisi said.

With this acquisition, Prosus is making a big bet on Europe’s food delivery market, positioning itself as a dominant player in the space. The deal still requires regulatory approval, but if completed, it could reshape the competitive landscape for food delivery across the region.

Just Eat was originally founded in Denmark in 2001 by Jesper Buch and four co-founders. The company merged with Takeaway.com in 2020. Just Eat currently operates in 19 countries, including the U.K., U.S., and Germany, under various regional brands. Its partner Takeaway.com offers delivery services in 23 cities across five countries, primarily for restaurants without in-house delivery capabilities.