Just eating Takeaway.com, one of Europe’s largest food delivery platforms, will be acquired by Dutch tech investor Proz for a full-speed trading worth around 4.1 billion euros ($4.3 billion).
The acquisition news left the London Stock Exchange (LSE) just three months after leaving Takeaway.com Eat Takeaway.com and ended its 10 years of market execution since its first listing.
The offer value is a 63% premium with Eat shares of 20.3 euros, each at 20.3 euros, compared to the company’s closing price on Friday, according to a CNBC report. Prosus, which is majority owned by South Africa’s Naspers, already owns a 28% stake in Delivery Hero, another major food delivery company.
“European food delivery giant Just Eat Takeaway.com is ready to be acquired by Dutch technology investor Prosus in a deal worth around 4.1 billion euros ($4.3 billion),” CNBC reported .
Just Eat Takeaway.com shares surged 54.7% on Monday morning, reaching a new 52-week high before settling down at a gain of 53.9%. Meanwhile, Prosus has dropped 6.8% in stock and is one of the worst performances on the Pan-Yuropean Stoxx 600 index. Meanwhile, the shares of the streaming hero rose 3.2%.
Prosus CEO Fabricio Bloisi has expressed his excitement about the deal and calls it an opportunity to build a great power in European technology.
Fabricio Bloisi, CEO of Prosus and Naspers Group, said in a statement:
He added that Prosus’ technology and investment expertise will bring more value to Just Eat’s customers, drivers and shareholders.
It’s just a tough few years to eat
Like many food delivery companies, we saw a boom in pandemic fuels as consumer behavior changed. The stock price was hit and it struggled to regain momentum after the first surge that lockdown boosted demand for food delivery services.
Last year, the company landed on the London Stock Exchange, citing high administrative and regulatory costs, making Amsterdam the sole trading venue.
In November, Just Eat announced Grubhub Business’s sales to New York-based Startup Wonder for $650 million.
Just Eat CEO Jitse Groen sees it as a way to speed up the company’s growth with food, groceries, fintech and more.
“We believe that combining Prosus’s strong technical and investment capabilities with Eat Takeaway.com’s leading brand positions in major European markets will create great value for our customers, drivers, partners and shareholders.” Bloisi said.
With this acquisition, Prosus has placed a big bet on the European food delivery market and has established himself as the dominant player in that field. The transaction still requires regulatory approval, but if completed, it could reconstruct a competitive landscape for food supply 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. Currently, Just Eat operates in 19 countries, including the UK, the US and Germany, under a variety of regional brands. Partner Takeaway.com offers delivery services to 23 cities in five countries, primarily for restaurants that do not have in-house delivery capabilities.
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