24th Jul 2014 09:40
LONDON (Alliance News) - Online takeaway food delivery service Just Eat PLC Thursday said it has acquired additional shares in FBA Invest SaS, taking its total shareholding to 80% from 50% in a deal worth an initial EUR7.0 million.
FBA owns 100% of the share capital of Eat On Line SaS, which trades under the brand alloresto.fr in France. Like Just Eat, the website provides an online takeaway food service.
The stake was acquired from Just Eat's joint venture partners and will be financed from the company's existing cash resources.
The joint venture parties are Sébastien Forest, chief executive of FBA, and FPCI Avenir Enterprises Developpement C4, represented by its managing company, Bpifrance Investissement. Forest will continue as chief executive of FBA.
Just Eat said it may be required to pay additional consideration for the stake, based on performance, with the maximum total consideration payable for the transaction being capped at EUR30 million.
The value of the gross assets of FBA at December 31, 2013 was GBP7.5 million. The company posted annual pretax profit for 2013 of GBP100,000.
Just Eat shares were quoted down 1.6% at 216.66 pence Thursday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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