Prosus, a technology investor owned mostly by Naspers, has received approval from the European Union (EU) to go ahead with its big €4.1 billion (around R84 billion) bid to buy Just Eat Takeaway, Europe’s largest meal delivery company. This deal was announced in February, with Prosus betting on its artificial intelligence (AI) skills to help grow Just Eat Takeaway.
To get approval, Naspers agreed to sell most of its stake in Delivery Hero, another food delivery company. The EU’s competition watchdog said Naspers would reduce its 27.4% ownership in Delivery Hero to a very low level within a year. It also promised not to use its voting rights on the remaining stake or try to increase its influence on Delivery Hero’s management.
Prosus stated that this EU approval was the last big regulatory step needed to complete the deal. The offer will officially close on October 1st, and if enough shareholders accept it by then, Prosus will confirm the deal within three days.
The CEO of Prosus, Fabricio Bloisi, said their goal is to create a strong European tech company and lead in food delivery innovation. The EU competition chief, Teresa Ribera, said the concessions made by Naspers will protect competition and give consumers more choices.
She also warned that the EU will not tolerate anti-competitive behaviour, referencing fines of €329 million imposed earlier this year on Delivery Hero and its Spanish unit Glovo for market-sharing and employee poaching cartel activity.
Analysts at ING say that if the deal goes through, Prosus will