Just Eat Agrees to 41 Billion Euro Takeover by Prosus in European Tech Push

The technology investment giant Prosus has struck a landmark €4.1 billion deal to acquire Just Eat Takeaway, marking a significant consolidation in the European food delivery sector. The cash offer of €20.30 per share represents a substantial 63% premium to Just Eat’s closing price last Friday.

Prosus, majority-owned by South African conglomerate Naspers, aims to forge a “European tech champion” through this strategic acquisition. The deal positions Prosus to enhance its food delivery presence beyond its existing European operations, with the company expressing confidence in its ability to accelerate Just Eat’s growth trajectory.

The transaction, expected to conclude by year-end, will result in Just Eat’s delisting from Euronext Amsterdam. This development follows the company’s recent departure from the London Stock Exchange, where it cited excessive administrative complexities and costs as primary factors for withdrawal.

Just Eat’s chief executive, Jitse Groen, will maintain leadership of the Amsterdam-headquartered operation, with Prosus pledging to preserve the company’s key brands and strategic direction. The merged entity is set to become the fourth-largest food delivery organisation globally, with Prosus’s chief executive Fabricio Bloisi committing to expand both the technology workforce and courier network.

The deal comes at a crucial juncture for Just Eat, which has faced challenging market conditions since the waning of pandemic-driven delivery demand. The company’s recent financial performance shows encouraging signs, with annual adjusted profits rising to €460 million from €339 million, primarily driven by operational efficiencies in its UK and Irish markets.

Industry analysts view this acquisition as a strategic move to strengthen European interests in the competitive food delivery landscape, particularly against dominant US players. The transaction values Just Eat at less than one-third of its 2021 peak market capitalisation of £14.2 billion, reflecting the sector’s significant market correction.