📰 Prosus Acquires Just Eat Takeaway
Dutch tech investor Prosus is acquiring Just Eat Takeaway in a €4.1 billion all-cash deal. The move aims to create a dominant European food delivery player, but will it pay off?
Prosus, a major investor in tech and online platforms, has offered €20.30 per share for Just Eat Takeaway—an impressive 63% premium over its last closing price. The deal comes after years of turbulence for JET, which initially thrived during the pandemic but struggled as consumer habits shifted.
JET’s board has unanimously supported the deal, with CEO and founder Jitse Groen stating that Prosus' resources will help accelerate growth across food, groceries, fintech, and adjacent sectors.
For Prosus, which already owns 28% of Delivery Hero, the acquisition strengthens its foothold in Europe’s competitive food delivery market. “We believe that combining Prosus’ strong technical and investment capabilities with Just Eat Takeaway.com’s leading brand position in key European markets will create significant value for our customers, drivers, partners, and shareholders,” said Prosus CEO Fabricio Bloisi.
The challenges facing Just Eat Takeaway
JET has faced mounting pressures in recent years. The company expanded aggressively, acquiring U.S.-based Grubhub for $7.3 billion in 2021 at the height of the pandemic. However, as demand stabilized, JET struggled to maintain profitability and ultimately sold Grubhub to Wonder for just $650 million—a fraction of what it originally paid.
Meanwhile, JET delisted from the London Stock Exchange last year, citing low liquidity and trading volumes. Amsterdam is now its sole trading venue. Despite cost-cutting measures, JET has struggled to compete with Uber Eats and Deliveroo, both of which continue to expand their market share.
Market reaction: mixed signals
Following the announcement, JET’s shares surged, while Prosus saw a 6% decline, reflecting investor concerns over the price tag of the deal. While Prosus is betting big on consolidation to strengthen its delivery business, the question remains: can it successfully integrate JET and achieve the scale needed to compete with global giants?
What’s next?
If the deal closes successfully, JET will continue to operate under its existing brand names, maintaining its headquarters in Amsterdam. Prosus, meanwhile, will need to prove that this acquisition can drive profitability in an industry notorious for tight margins.
With food delivery demand stabilizing and competition intensifying, Prosus is making a bold bet on the future of the industry. Will this acquisition mark a turning point for Just Eat Takeaway, or will it become another costly misstep in the ongoing food delivery wars?
Source: CNBC, DutchNews
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