On February 24, 2025, Prosus, the global consumer internet group, announced it has reached a conditional agreement to acquire Just Eat Takeaway.com, one of the leading food delivery companies, for €20.30 per share, valued at approximately €4.1 billion. This Acquisition creates the world’s fourth-largest food delivery group, significantly enhancing Prosus’s presence within the European market.
The proposed acquisition includes all outstanding shares of Just Eat Takeaway.com. The offered price of €20.30 per share presents a remarkable premium of over 63% compared to Just Eat’s closing stock price before the announcement and 49% above the three-month volume-weighted average price (VWAP). With Just Eat Takeaway.com’s management teams, including CEO Jitse Groen, expressing their unanimous support, the deal marks a significant strategic move for both companies.
Groen emphasized the benefits of the merger, stating, “Prosus fully supports our strategic plans, and its extensive resources will help to accelerate our investments and growth across food, groceries, fintech, and other adjacencies. We are looking forward to an exciting future together.” His remarks highlight Just Eat’s commitment to leveraging Prosus's capabilities to expand its operations effectively. Currently, Just Eat operates across 17 international markets, connecting 61 million active users with over 356,000 local partners.
Meanwhile, Prosus, led by CEO Fabricio Bloisi, sees this finalized acquisition as more than just adding to its portfolio; it presents the opportunity to innovate and drive efficiencies within Just Eat Takeaway.com. Bloisi remarked, “We believe combining Prosus’ strong technical and investment capabilities with Just Eat Takeaway.com’s leading brand position will create significant value for our customers, drivers, partners, and shareholders.”
Prosus, which is majority-owned by South Africa’s Naspers, already holds extensive investments in the food delivery sector—having invested more than $10 billion globally. Its strategic vision has been to dominate e-commerce leaders across growing markets, and acquiring Just Eat aligns perfectly with these goals. The all-cash bid for Just Eat Takeaway.com will also help Prosus expand its European footprint, where it aims to deepen its engagement and capitalize on profitable markets like the UK, Germany, and the Netherlands, where Just Eat enjoys strong brand recognition.
Just Eat Takeaway.com has had its fair share of challenges over the past few years, particularly following the pandemic's initial impact. With changing consumer habits and decreased growth rates, Just Eat has recently taken significant steps to reshape its operations, including the sale of its Grubhub arm to Wonder Group for $650 million—a stark discount from its original $7.3 billion acquisition price.
Financially, Just Eat reported turnover flat at €3.6 billion and gross profits of €460 million, alongside some recent write-offs related to Grubhub. The acquisition arrives as Just Eat navigates these complex dynamics, emphasizing the potential for renewed growth under the Prosus banner.
The deal is expected to finalize subject to customary regulatory approvals and conditions, with settlement anticipated by the end of the year. Such strategic maneuvers not only align with the objectives of both Prosus and Just Eat Takeaway.com but also signal potential shifts within the European food delivery industry.
Prosus is no stranger to producing profitable growth through smart investments and innovation. The success story of iFood, its food delivery service operating across Brazil, provides them with invaluable insights and methods to integrate technology, demand generation, and logistics optimization within Just Eat Takeaway.com. With AI techniques fundamental to enhancing customer experience and support across their platforms, significant potential lies ahead for Just Eat under the guidance of Prosus.
Pundits expect this acquisition to set benchmarks for future mergers and acquisitions within the European market, as established players reposition themselves to adapt to changing consumer behaviors and industry standards. Prosus’s involvement could revolutionize Just Eat's growth strategy and leverage its extensive industry assets.
This merger not only positions Prosus as one of Europe’s leading food delivery powerhouses but also serves as reassurance for Just Eat Takeaway.com’s stakeholders, ensuring them of sustained growth and innovation backed by substantial global expertise. The announcement marks what could be the beginning of a new chapter for food delivery services across Europe.