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Prosus Strengthens EU Presence with $4.3 Billion Just Eat Deal

By  |  February 24, 2025

Amsterdam-based technology investment firm Prosus has announced a landmark agreement to acquire Just Eat Takeaway.com for 4.1 billion euros ($4.3 billion), in a deal aimed at creating a “European tech champion” in the food delivery industry, according to Reuters.

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    The move marks a significant shift in the European food delivery landscape and comes nearly five years after Prosus lost a high-stakes takeover battle for Just Eat. In 2019, Takeaway.com outbid Prosus in a 5 billion pound ($6.3 billion) acquisition, merging with Just Eat to form one of Europe’s leading food delivery platforms. Now, Prosus is set to acquire the combined entity at a substantially lower price than its initial bid, per Reuters.

    Prosus, which is majority-owned by South Africa’s Naspers, is also the largest shareholder in Glovo’s parent company, Delivery Hero, holding a 28% stake. With this acquisition, analysts at ING noted that Prosus would become the fourth-largest food delivery company globally, trailing Meituan, DoorDash, and Uber, according to Reuters.

    Related: UK’s Just Eat In Deal To Sell Stakes To Prosus For $1.8 Billion

    The food delivery sector has experienced sharp fluctuations since the COVID-19 pandemic, during which Just Eat Takeaway.com’s stock surged to over 100 euros per share in October 2020, as lockdowns fueled an unprecedented demand for meal deliveries. However, the company’s valuation has since plummeted, making it a more accessible acquisition target for Prosus.

    Prosus’ offer of 20.30 euros per share has received unanimous backing from Just Eat Takeaway.com’s management and supervisory board, signaling strong internal support for the deal. The news sent Just Eat’s shares soaring by 54% on Monday, aligning with the offer price premium, while Prosus shares fell 6.5% in Amsterdam. Meanwhile, Naspers’ shares dropped 6% in Johannesburg, and Delivery Hero saw a 5% jump in its stock value, according to Reuters.

    Market speculation suggests that this acquisition could be a precursor to a potential merger between Prosus’ food delivery interests and Delivery Hero. However, Prosus CEO Fabricio Bloisi dismissed any immediate plans regarding Delivery Hero, stating that there is currently “no plan or project” involving the German group.

    Source: Reuters