Prosus's Strategic Acquisition of Just Eat Takeaway.com: A Pathway to Long-Term Value Creation in the Food Delivery Sector

Prosus's acquisition of Just Eat Takeaway.com for €4.1 billion in an all-cash transaction marks a pivotal moment in the global food delivery sector. This strategic move, declared unconditional on October 2, 2025, after securing 90.13% of shares tendered, positions Prosus as the fourth-largest food delivery group by gross transaction value (GTV), trailing only Meituan, DoorDash, and UberEats. The acquisition, offering €20.30 per share-a 49% premium to the 3-month volume-weighted average price-reflects Prosus's confidence in scaling Just Eat Takeaway.com's operations and leveraging its European market dominance to drive long-term value creation.

Strategic Rationale: Building a European Tech Champion

Prosus's decision to acquire Just Eat Takeaway.com is rooted in its proven ability to scale food delivery platforms. The company's success with iFood in Brazil, where it achieved a 30% revenue growth in FY2025 and a 27% adjusted EBIT margin, underscores its expertise in transforming regional players into global leaders. By integrating Just Eat Takeaway.com's 60 million customers and 362,000 restaurant partners into its ecosystem, Prosus aims to replicate this model in Europe. The acquisition complements its existing investments in Delivery Hero and Swiggy, creating a diversified portfolio across key markets.

The strategic rationale extends beyond market consolidation. Prosus plans to deploy AI-driven innovations-similar to those that optimized iFood's logistics and customer segmentation-to enhance Just Eat Takeaway.com's operational efficiency. For instance, AI-powered dynamic dispatch systems could reduce driver idle time by 20%, while predictive analytics might boost order accuracy and customer retention, according to Prosus to Acquire Just Eat Takeaway. These technologies align with broader industry trends, as 70% of consumers now prioritize platforms offering personalized experiences and eco-friendly packaging.

Financial Performance and Synergy Projections

Just Eat Takeaway.com's financial trajectory provides a compelling case for long-term value creation. Despite a €1.8 billion net loss in 2023 due to impairment charges, the company generated €324 million in adjusted EBITDA, reflecting improved operational efficiency and positive free cash flow in the second half of 2023, per the Annual Financial Report. Prosus's acquisition, however, is expected to unlock further synergies. The company projects H2 FY2026 revenue of $9.4–$9.6 billion and aEBITDA of $1.3–$1.4 billion, driven by cost reductions and AI-driven margin expansion.

The integration strategy also includes streamlining operations in core markets like the UK, Germany, and the Netherlands, where Just Eat Takeaway.com already holds strong brand recognition. Fabricio Bloisi emphasized that the "hard work of transformation has just begun," signaling a focus on disciplined execution over rapid expansion. This approach mirrors the food delivery sector's broader shift toward optimizing unit economics, as highlighted by Grand View Research's projection of a 9.4% CAGR in global market growth from 2025 to 2030.

Market Dynamics and Competitive Positioning

The acquisition aligns with intensifying consolidation in the food delivery sector. With the market projected to reach $505.5 billion by 2030, companies are prioritizing technological differentiation and sustainability. Prosus's AI-driven logistics and iFood's proven scalability position Just Eat Takeaway.com to compete with Uber Eats and DoorDash, which dominate the North American and Asian-Pacific markets, and the deal signals broader food delivery consolidation. Additionally, the rise of "ghost kitchens" and Food Delivery Software in 2025 and mixed-fleet logistics (including drones and robots) presents opportunities for cost reduction and innovation.

Regulatory challenges, however, remain a hurdle. Prosus agreed to divest its stake in Delivery Hero as a condition of the acquisition, underscoring the need for compliance in antitrust-sensitive markets after it obtained all regulatory clearances. Yet, the company's long-term vision-leveraging its global e-commerce expertise to expand into groceries and fintech-suggests a strategic pivot toward adjacent sectors, where growth potential is equally robust, as noted in industry analysis.

Conclusion: A Transformative Play for the Future

Prosus's acquisition of Just Eat Takeaway.com is not merely a financial transaction but a strategic bet on the future of food delivery. By combining Just Eat Takeaway.com's European market leadership with Prosus's AI-driven innovation and operational rigor, the deal creates a platform poised to capitalize on the sector's projected growth. While challenges such as regulatory scrutiny and competitive pressures persist, the integration of proven scaling strategies from iFood and the focus on disciplined execution provide a strong foundation for long-term value creation. As the food delivery landscape evolves, Prosus's ability to adapt and innovate will be critical to sustaining its position as a global leader.