Tech firm Prosus to acquire Just Eat Takeaway.com in £3.4b deal

Just Eat Takeaway.com is set to be acquired by investment group Prosus in a €4.1b (£3.4b) deal as the tech company seeks to extend its food delivery footprint across Europe.

Prosus has reached a conditional agreement to acquire Just Eat Takeaway.com at €20.30 (£16.80) per share via a recommended all-cash public offer on the Amsterdam exchange, which would create the fourth largest food delivery group globally once complete.

The deal represents a 49% premium to the group’s three-month volume-weighted average price (VWAP) and a 22% premium to Just Eat Takeaway.com’s highest share price over the last three months.

Prosus has committed to investing in and accelerating growth at Just Eat Takeaway.com through greater use of AI.

The Netherlands-based tech company already serves over one million restaurants around the world through Latin American food delivery platform iFood, the Berlin-based Delivery Hero, Chinese platform Meituan and India-based Swiggy.  

It said the Just Eat Takeaway.com acquisition will enable the group to bolster its presence within Europe.

Fabricio Bloisi, chief executive at Prosus, said: “We are 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’s 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.”

Jitse Groen, chief executive at Just Eat Takeaway.com, added: “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 Takeaway.com is headquartered in Amsterdam and works with 731,000 partners across more than 15 countries.

In 2021, the business acquired American rival Grubhub in 2021 in a $7.3b (£4.7b) deal to create the world’s largest online food delivery brand outside of China.

In November 2024, it agreed to sell Grubhub for an enterprise value of $650m (£510m), less than a tenth of the price it paid to acquire the brand.

The following month, it delisted from the London Stock Exchange “in order to reduce the administrative burden, complexity and costs” borne by the business.