Just Eat shares rise 50 per cent on £3.3bn Prosus deal
Global tech firm Prosus has made an offer to acquire Just Eat Takeaway.com for £3.3bn.
The Amsterdam-based firm said it intends to launch the offer “as soon as practically possible”, which the company said was likely to be in the second quarter.
The deal is expected to be completed by the end of the year.
Prosus offered €20.30 per share in cash, a premium of 63 per cent to Just Eat Takeaway.com’s closing share price on 21 February, 2025. Its price rose to €19 per share this morning.
After finding success with the move to home-dining during the pandemic, Just Eat has struggled to find momentum since.
Fabricio Bloisi, chief executive officer of Prosus and Naspers group said the deal would “create a European tech champion.”
Prosus has already found success with the Brazilian iFood, which relies heavily on AI to “enhance the customer experience and support for drivers”.
“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 said.
Dick Boer, chair of the supervisory board of Just Eat Takeaway.com, said: “Just Eat Takeaway.com will benefit from Prosus’ significant financial resources to support investment in the business with a long-term investment horizon.”
“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.”
Prosus also holds minority stakes in several other food delivery groups, including Berlin-based Delivery Hero, Chinese market leader Meituan and India’s Swiggy, which recently went public.
Just Eat Takeaway.com was created in 2020 between a merger of the London-based Just Eat and the Amsterdam-listed Takeaway.com.
After the merger, Just Eat was removed from the FTSE 100 in 2021 as it was no longer based in the UK.
It maintained a dual listing in Amsterdam and London until last year, when it announced it would scrap its London listing due to the administrative burden.
Revenue falls one per cent
Just Eat Takeaway.com separately announced its results for 2024, with gross transaction value (GTV) up two per cent in constant currency for the group excluding North America, where GTV fell two per cent.
Total revenue was £5bn in 2024, a decline of one per cent from £5.1bn in 2023. This decrease was due to “lower order volumes, driven by weaker market conditions in North America and Southern Europe and Australia”. the company said.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) improved significantly to €460m (£381m) in 2024 from €339m (£281m) in 2023, with the “largest improvement in UK and Ireland”, mainly due to “improvement in fulfilment cost per order and efficiencies in marketing”, the company said.
“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
,” Jitse Groen, CEO of Just Eat Takeaway.com said.