Naspers has successfully finalised its acquisition of a 90% stake in Just Eat Takeaway.com, the leading European food delivery service, through its international arm, Prosus. The deal, valued at R83 billion, has now become unconditional following strong support from shareholders, with over 90% of shares tendered.
Initially proposed in February, this acquisition represents Naspers’s largest investment to date, with the European Commission granting antitrust approval in August. The settlement for the deal is anticipated to be completed by October 6.
To facilitate the acquisition, Prosus agreed to reduce its existing 27.4% stake in Delivery Hero, a German online takeout business, below a specified threshold within a year. This strategic move allowed Prosus to secure the necessary competition clearance from EU regulators.
With this acquisition, Prosus is positioned to become the world’s fourth-largest food delivery company, following Meituan, DoorDash, and Uber. The merger of Just Eat and Takeaway.com enhances Prosus’s strategy to compete more aggressively against major players such as Uber Eats and Amazon-backed Deliveroo.
While Naspers previously attempted to acquire Just Eat in 2020, this current bid is seen as a more strategic move, benefiting from lessons learned during the earlier attempt. Prosus aims to leverage data insights and AI capabilities to enhance user engagement and operational efficiency across its new food delivery platform.
Operating in 17 international markets, Just Eat Takeaway.com connects approximately 60 million customers with over 362,000 restaurant partners. The acquisition will be financed through Prosus’s existing cash reserves.
Prosus’s CEO, Fabricio Bloisi, expressed enthusiasm about integrating Just Eat Takeaway.com into the Prosus ecosystem, highlighting the company’s commitment to enhancing product offerings and operational excellence through innovative practices in logistics and customer experience.