Just Eat Takeaway.com, a leading European food delivery company, has announced that it has reached an agreement to be acquired by Prosus, a Dutch-based technology investor. The takeover, which is an all-cash offer, values Just Eat at €4.1 billion (£3.4 billion). This deal represents a significant move in the food delivery sector, as Prosus aims to create a “European champion” in the industry. The acquisition has been unanimously approved by Just Eat’s management and board, and the company will continue to be based in Amsterdam under its current leadership.
Prosus, which already owns a 28% stake in Delivery Hero, a global rival to Just Eat, offered €20.3 per share for the company. This price represents a 22% premium on Just Eat’s highest stock value over the past three months. The deal underscores Prosus’s confidence in Just Eat’s potential and its desire to strengthen its position in the European market. Just Eat’s strong performance in key markets such as the UK, Germany, and the Netherlands has been a major factor in attracting Prosus’s interest. The company recently reported a 35% rise in pre-tax profits for 2024, reaching €460 million (£382 million), driven by improved efficiency in its operations and marketing efforts.
Just Eat’s success in its core markets has been a key driver of its growth. The company has managed to lower its order fulfillment costs and improve its marketing strategies, leading to increased profitability. This strong financial performance has positioned Just Eat as an attractive target for Prosus, which sees significant growth potential in the European food delivery sector. Prosus has highlighted Just Eat’s profitable and cash-generative operations as a major reason for the acquisition. The investor believes that its expertise in scaling e-commerce platforms, combined with Just Eat’s established brand presence, will unlock further value for the company.
Prosus’s strategy for Just Eat is centered around building on the company’s existing strengths while leveraging its own resources and experience. The investor has a proven track record in scaling food delivery businesses, as seen in its success with iFood in Brazil. Prosus plans to apply a similar approach to Just Eat, focusing on enhancing technology, product features, and customer experience. By investing in these areas, Prosus aims to accelerate Just Eat’s growth and solidify its position as a leader in the European market. The investor also emphasized the importance of improving demand generation, service quality, and logistics, which are critical components of a successful food delivery operation.
Fabricio Bloisi, Prosus’s chief executive, expressed enthusiasm about the acquisition, stating that the company’s extensive experience in the food delivery sector and its ability to drive profitable growth make it well-suited to support Just Eat’s continued success. Bloisi highlighted Prosus’s focus on innovation, customer satisfaction, and partnerships with restaurants and drivers as key factors that will contribute to Just Eat’s future growth. By combining Just Eat’s strong brand presence in Europe with Prosus’s technical expertise and investment capabilities, the companies aim to create a platform that delivers significant value for all stakeholders, including customers, drivers, restaurant partners, and shareholders.
The acquisition of Just Eat by Prosus marks an important step in the consolidation of the European food delivery market. As the sector continues to evolve, this deal could set a precedent for further investments and partnerships aimed at driving growth and innovation. For Just Eat, the takeover offers the opportunity to leverage Prosus’s resources and expertise to further enhance its operations and expand its reach. For Prosus, the acquisition strengthens its position as a leading investor in the global food delivery industry. Together, the companies are well-positioned to capitalize on the growing demand for food delivery services and to shape the future of the industry in Europe and beyond.
