Global technology company Prosus has tabled a £3.3bn bid to take over Just Eat Takeaway.com. The Amsterdam-based private equity firm plans to initiate the offer “as soon as practically possible”, which is anticipated to be in the second quarter, with the deal expected to wrap up by year-end.
Prosus has proposed €20.30 per share in cash, representing a 63% premium on Just Eat Takeaway.com’s closing share price on 21 February, 2025, as reported by City AM.
The share price climbed to €19 per share this morning.
Just Eat Takeaway.com was born out of a merger between London’s Just Eat and Amsterdam-listed Takeaway.com in 2020. Following the merger, Just Eat was delisted from the FTSE 100 in 2021 as it was no longer UK-based.
It maintained dual listings in Amsterdam and London until last year when it decided to drop its London listing due to administrative overheads.
Fabricio Bloisi, CEO of Prosus and Naspers group, expressed his excitement about the potential acquisition: “We are very excited for Just Eat Takeaway.com to join the Prosus group and the opportunity to create a European tech champion.”
Prosus has already tasted success with Brazilian iFood, which heavily utilises AI to enhance customer experience and driver support. “The transaction provides an opportunity to couple Prosus’ investment expertise, tech and AI capabilities and innovation mindset, with Just Eat Takeaway.com’s brand strength and solid fundamentals,” Prosus stated.
Dick Boer, chair of the supervisory board at Just Eat Takeaway.com, expressed his enthusiasm for the deal, stating: “Just Eat Takeaway.com will benefit from Prosus’ significant financial resources to support investment in the business with a long-term investment horizon.”
He further added, “The supervisory board unanimously supports the offer and is confident this outcome is in the best interest of Just Eat Takeaway.com and all its stakeholders.”
New branding is seen on bikes in Merrion Square Dublin as JustEat.ie is announced as the new commercial partner for the dublinbikes rental scheme.It’s worth noting that Prosus has a diverse portfolio, with minority stakes in various food delivery companies, including Delivery Hero in Berlin, Meituan in China, and Swiggy in India, which recently went public.
In a separate announcement, Just Eat Takeaway.com shared its 2024 results, which showed a two per cent increase in gross transaction value (GTV) in constant currency, excluding North America, where GTV declined by two per cent. The company’s total revenue for 2024 was £5bn, a one per cent drop from £5.1bn in 2023, attributed to “lower order volumes, driven by weaker market conditions in North America and Southern Europe and Australia”.
On a more positive note, adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) saw a significant improvement, rising to €460m (£381m) in 2024 from €339m (£281m) in 2023. The UK and Ireland markets drove this growth, primarily due to “improvement in fulfilment cost per order and efficiencies in marketing”, according to the company.
“In 2024, we achieved significant milestones. We advanced our products, further expanded our partner base, particularly in verticals like grocery, electronics, and pharmacy, and made strategic portfolio decisions that position the company well for long-term success. Following the sale of our US operations, Just Eat Takeaway.com has become a more focused, faster growing, and more profitable business. Our ambition for 2025 is to further accelerate our topline growth through a step up in investments in Europe and UK and Ireland,” stated Jitse Groen, CEO of Just Eat Takeaway.com.
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