Just Eat Acquired by Prosus for €4 Billion
Deal News | Feb 24, 2025 | Finance Community IT - 1 Corporate M&A
Prosus, a technology company, has entered into an agreement to acquire Just Eat Takeaway.com for €20.30 per share, resulting in a €4 billion transaction. This move, which will take place on the Amsterdam Stock Exchange, includes a 49% premium over the three-month VWAP as of February 21, 2025. The acquisition aims to create the fourth-largest food delivery platform globally and extend Prosus's reach in the food delivery sector beyond Europe. Both companies have retained various advisory firms to assist with financial, legal, and communication aspects of the deal. The executives of both Prosus and Just Eat Takeaway.com express optimism, highlighting opportunities for technological and growth synergies through the integration of their respective strengths. Prosus brings a wealth of experience from existing investments in food delivery, such as iFood, and ambitions to leverage AI capabilities for scaling and optimizing operations.
Sectors
- Food Delivery
- Technology
- Private Equity
Geography
- Europe – The transaction involves European companies and marks a strategic expansion of Prosus's operations within Europe, including key markets in the UK, Germany, and the Netherlands.
- Brazil – Prosus utilizes its successful growth strategy from its iFood operations in Brazil as a guide for developing Just Eat's growth trajectory.
- India – Prosus owns a stake in Swiggy, an Indian company, which complements its global food delivery portfolio, showing its strategic interest in emerging markets.
Industry
- Food Delivery – The primary focus of the article centers around the food delivery industry, highlighted by the acquisition intended to strengthen Prosus's position in this sector.
- Technology – Prosus and Just Eat emphasize technological advancement, particularly through AI, as a strategic component of their growth and operational improvements.
- Private Equity – Prosus's activity as a major investor and strategic acquirer aligns with characteristics of the private equity industry, especially with its significant investments and ownership stakes in various global companies.
Financials
- €4 billion – The total value of the acquisition of Just Eat Takeaway.com by Prosus.
- €20.30 per share – The per-share price Prosus is offering for Just Eat Takeaway.com.
- 49% – The premium over the 3-month VWAP as of February 21, 2025, offered to Just Eat Takeaway.com shareholders.
- 22% – The premium over the highest share price of Just Eat Takeaway.com in the last three months.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Prosus | Bidding Company | Company | A global consumer internet group and one of the largest technology investors in the world, leading the acquisition of Just Eat Takeaway.com. |
| Just Eat Takeaway.com | Target Company | Company | A leading online food delivery marketplace, becoming the acquisition target for Prosus. |
| Goldman Sachs | Financial Advisor | Company | Serves as the financial advisor to Prosus in its acquisition of Just Eat Takeaway.com. |
| Allen & Overy, Shearman & Sterling LLP, Skadden, Arps, Slate, Meagher & Flom LLP, Davis Polk & Wardwell London LLP | Legal Advisors | Company | Act as legal advisors for Prosus in the acquisition process. |
| Brunswick, FGS | Communications Advisors | Company | Provide communications consulting to Prosus for the deal. |
| Gleacher Shacklock LLP, Morgan Stanley & Co. International plc | Financial Advisors | Company | Act as financial advisors to Just Eat Takeaway.com. |
| De Brauw Blackstone Westbroek N.V. | Legal Advisor | Company | Provides legal advice to Just Eat Takeaway.com. |
| Lazard | Independent Equity Opinion | Company | Provides an independent equity opinion to the Supervisory Board of Just Eat Takeaway.com. |
| Freshfields LLP | Legal Advisor | Company | Offers legal advice to the Supervisory Board of Just Eat Takeaway.com. |
| Confidant Partners | Communications Advisor | Company | Handles communications consulting for Just Eat Takeaway.com. |