A New Chapter for Europe’s Food Delivery Scene: Prosus Acquires Just Eat Takeaway.com
The world of food delivery has just witnessed a significant shift. In a major move, the technology investment firm Prosus has agreed to purchase Just Eat Takeaway.com, one of Europe’s leading food delivery giants, for a staggering 4.1 billion euros ($4.29 billion). The all-cash deal, announced on Monday, values Just Eat Takeaway.com at 20.30 euros ($21.24) per share, marking a new era for the food delivery sector in Europe and beyond.
Prosus, an Amsterdam-based tech investor majority-owned by South Africa’s Naspers, has been actively expanding its portfolio in the food delivery space. The acquisition of Just Eat Takeaway.com is expected to bolster Prosus’ position in Europe significantly. With this deal, Prosus aims to create the fourth-largest food delivery group globally, further solidifying its presence in the competitive food delivery market.
Just Eat Takeaway.com, also headquartered in Amsterdam, currently operates in 17 countries, with a strong focus on European markets. In recent years, the company has strategically shifted its attention to Europe, exiting its U.S. operations by selling Grubhub to New York-based Wonder Group for $650 million. This move, which closed last month, was part of Just Eat Takeaway.com’s efforts to streamline its operations and concentrate on markets where it can achieve greater growth and profitability.
The acquisition is a testament to Just Eat Takeaway.com’s transformation into a faster-growing and more profitable business. CEO Jitse Groen expressed enthusiasm about the deal, stating that Prosus’ offer "fully supports" the company’s strategic plans. With a shared vision for the future, both companies are gearing up for an exciting journey ahead.
Founded in 2000, Just Eat Takeaway.com is one of the pioneers in the food delivery sector. Over the years, the company has navigated intense competition from global players like Uber Eats and DoorDash. However, its strategic focus on Europe and recent divestitures have positioned it as a strong contender in the region. The deal with Prosus is subject to regulatory approval and other closing conditions but is expected to be finalized by the end of the year.
The market reacted swiftly to the announcement, with shares of Just Eat Takeaway.com surging by over 54% on Monday. Meanwhile, Prosus’ stock dipped by 7.29%, reflecting investor reactions to the significant investment. As the food delivery industry continues to evolve, this acquisition highlights the growing trend of consolidation and the quest for dominance in a highly competitive market. With Prosus at the helm, Just Eat Takeaway.com is poised to become a European tech champion, paving the way for a brighter and more collaborative future in the food delivery space.
