European food delivery giant Just Eat Takeaway.com is set to be acquired by Dutch technology investor Prosus in an all-cash deal valued at approximately 4.1 billion euros ($4.3 billion). The offer values Just Eat’s shares at 20.3 euros each, representing a 63% premium over the firm’s closing price on Friday.
Stock Market Reaction and Strategic Implications
Following the announcement, Just Eat’s shares soared by as much as 54.7%, reaching a new 52-week high, and closed up 54.1% on Monday. In contrast, Prosus shares fell 8.7%, placing it near the bottom of the pan-European Stoxx 600 index. Delivery Hero, in which Prosus holds a 28% stake, saw minimal impact, rising as much as 3.2% before stabilizing by market close.
“We are very excited for Just Eat Takeaway.com to join the Prosus group and the opportunity to create a European tech champion,” said Fabricio Bloisi, CEO of Prosus and Naspers group. “Combining Prosus’ strong technical and investment capabilities with Just Eat Takeaway.com’s leading brand position in key European markets will create significant value for our customers, drivers, partners, and shareholders.”
Challenges and Strategic Shifts for Just Eat Takeaway
The acquisition follows a challenging period for Just Eat Takeaway. Like many food delivery companies, its stock price surged during the COVID-19 pandemic but plummeted as consumer habits shifted post-lockdown. The Dutch multinational delisted from the London Stock Exchange last year, citing efforts to reduce administrative burdens and costs associated with maintaining the LSE listing, leaving Amsterdam as its sole trading venue.
In November, Just Eat Takeaway sold its GrubHub arm to New York-based startup Wonder for $650 million, a significant markdown from the $7.3 billion it paid for the U.S. food delivery app in 2021.
Growth Plans and Future Outlook
Jitse Groen, CEO and founder of Just Eat Takeaway.com, expressed optimism about the acquisition, stating, “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. We are looking forward to an exciting future together.”
