24th Feb 2025 07:01
(Alliance News) - Prosus NV on Monday said it has agreed to acquire Just Eat Takeaway.com NV for about EUR4.1 billion, all in cash.
The Netherlands-based technology company, which owns a stake in Tencent Holdings Ltd, noted the EUR20.30 per share offer represents a premium of 63% to Just Eat Takeaway's closing share price on Friday last week, and a 49% premium over the three-month volume-weighted average price.
Just Eat Takeaway, which has a market capitalisation of EUR2.60 billion, will continue to be based in Amsterdam under its existing name and will maintain its key brands.
Prosus said the proposed takeover is subject to regulatory approvals.
In the same statement, Just Eat Takeaway said its management board and supervisory board unanimously recommended the deal.
Just Eat Takeaway Chief Executive Officer & Founder Jitse Groen and other board members, who collectively hold about 8.1% of Just Eat Takeaway shares, have committed to tender their shares in the offer.
"We are very excited for Just Eat Takeaway.com to join the Prosus group and the opportunity to create a European tech champion," Prosus Chief Executive Officer Fabricio Bloisi said.
Prosus already has an extensive food delivery portfolio outside of Europe and a proven track record of profitable growth through investment in its customer and driver experiences, restaurant partnerships, and world-class logistics, Bloisi said.
"Just Eat Takeaway.com is now a faster growing, more profitable and predominantly European-based business," Just Eat Takeaway's Groen said, adding: "Prosus fully supports our strategic plans and its extensive resources will help to further accelerate our investments and growth across food, groceries, fintech and other adjacencies."
"The supervisory board unanimously supports the Offer and is confident this outcome is in the best interest of Just Eat Takeaway.com and all its stakeholders," Just Eat Takeaway Chair Dick Boer said.
Boer said Just Eat Takeaway will benefit from Prosus' "significant" financial resources to support investment in the business with a long-term investment horizon.
By Artwell Dlamini, Alliance News reporter
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