Prosus to Acquire Just Eat Takeaway for $4.29 Billion, Creating EU Food Delivery Giant

Prosus N.V., the global technology company, has announced its intention to acquire Just Eat Takeaway.com N.V., the leading European online food delivery service, in a deal valued at approximately $4.29 billion. The acquisition, which is subject to customary pre-offer and offer conditions, including obtaining regulatory approvals, will create the world's fourth-largest food delivery group, with a strong presence in key European markets.

Just Eat Takeaway.com operates in 17 international markets, connecting 61 million customers with over 356,000 local partners. In 2024, the company generated €26.3 billion in Gross Transaction Value (GTV) and delivered an adjusted EBITDA of €460 million. Prosus, with its extensive food delivery portfolio outside of Europe, sees an opportunity to extend the leadership of a strong European food delivery platform and complement its existing footprint.

Prosus' acquisition of Just Eat Takeaway.com aligns with its investment philosophy, particularly in terms of stability, predictability, and consistent growth. The acquisition provides Prosus with a diversified market presence, a strong and established customer base, and consistent financial performance. Additionally, Prosus's proven track record in successfully scaling ecommerce platforms, as seen with iFood in Brazil, positions it well to invest in and accelerate growth at Just Eat Takeaway.com, unlocking value beyond its standalone potential as a listed business.

The acquisition also brings several strategic advantages to Just Eat Takeaway.com. Prosus's AI capabilities, which have been fundamental to the success of iFood, can improve the customer and driver experience, boost service reliability, and optimize logistics at Just Eat Takeaway.com. Prosus's extensive resources can further accelerate Just Eat Takeaway.com's investments and growth across food, groceries, fintech, and other adjacencies. Additionally, Prosus's global footprint complements Just Eat Takeaway.com's leading brand position in key European markets, creating a European tech champion and the world's fourth-largest food delivery group.

The proposed acquisition will significantly impact the competitive landscape in the European food delivery market. The combined entity will become a formidable competitor, potentially challenging the dominance of other major players like Uber Eats and Deliveroo. This could lead to further consolidation in the market, as other major players may feel the need to respond to the new competitive dynamics. This could lead to mergers and acquisitions among the remaining players, further reshaping the market landscape.

In conclusion, Prosus's acquisition of Just Eat Takeaway.com is a strategic move that aligns with Prosus's investment philosophy and brings several advantages to both companies. The acquisition will create a strong competitor in the European food delivery market, potentially reshaping the competitive landscape and putting pressure on other major players to innovate and adapt. As an investor, keeping an eye on this acquisition and the subsequent market developments can provide valuable insights into the future of the European food delivery market and the potential for growth and consolidation.