Notice: Just Eat Takeaway.com Bought by South Africa's Prosus in €4.1 Billion All-Cash Deal
Just Eat Takeaway.com's board unanimously approved a €4.1 billion all-cash takeover by Prosus, the South African internet investor owned by Naspers, on 24 February 2025. The deal values shares at €20.30, a 22% premium to the three-month high but less than a fifth of the 2020 peak above €100. Prosus CEO Fabricio Bloisi said the purchase offers an 'opportunity to create a European tech champion'.
Just Eat Takeaway.com, the European food delivery group, has been acquired by Prosus, the South African-owned internet investor, in an all-cash deal worth €4.1 billion (£3.4 billion), two months after the company left the London Stock Exchange, The Guardian reported on 24 February 2025. Just Eat's board unanimously approved the takeover, which comes six years after Prosus made its first attempt to buy the British part of the business.
Deal terms
- Offer price: €20.30 per share (Amsterdam-listed)
- Total value: €4.1 billion (£3.4 billion), all-cash
- Premium: 22% to three-month high
- Comparison: less than a fifth of the 2020 peak above €100
- Board approval: unanimous
- Prosus previously bid £5.1 billion for Just Eat in 2019 (hostile, unsuccessful)
Company background
Just Eat Takeaway.com was formed in 2020 from a merger between Britain's Just Eat and Dutch rival Takeaway.com. The combined company was for some time a member of London's FTSE 100 index with a valuation of £15 billion. However, it made several missteps, most notably the acquisition of US rival GrubHub at the height of the pandemic bubble for $7.3 billion. In November 2024, Just Eat said it was selling GrubHub for $650 million (£514 million). In late December 2024, the company delisted its London shares to cut costs.
Prosus portfolio and strategy
Prosus is owned by Naspers, the South African company whose success in the internet economy stemmed largely from a 2001 investment in China's Tencent. Prosus already owns 28% of Delivery Hero, 4% of Chinese food delivery company Meituan, and 25% of India's Swiggy. Prosus chief executive Fabricio Bloisi said the purchase gave the "opportunity to create a European tech champion" and that the company has "a proven track record of profitable growth through investment."
Just Eat chief executive Jitse Groen said: "Just Eat Takeaway.com is now a faster growing, more profitable and predominantly European-based business. Prosus fully supports our strategic plans, and its extensive resources will help to further accelerate our investments and growth across food, groceries, fintech and other adjacencies."
Company details
Just Eat Takeaway.com N.V. (AMS: TKWY), headquartered in Amsterdam. Official website: justeattakeaway.com.
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