The all-cash offering will be worth €20.30 a share for holders of Just Eat Takeaway’s Amsterdam-listed shares, representing a 22% premium on the highest value of its stock over the past three months.
The offer was unanimously supported by Just Eat Takeaway’s management and board.
Fabricio Bloisi, chief executive of Prosus, said the deal would be an ‘opportunity to create a European tech champion’.
Prosus already has a 28% stake in Germany-based takeaway platform Delivery Hero, while Bloisi was previously the head of iFood, the Prosus-owned food delivery app that is dominant in Brazil.
Bloisi said: “Prosus already has an extensive food delivery portfolio outside of Europe and a proven track record of profitable growth through investment in our customer and driver experiences, restaurant partnerships, and world-class logistics, powered by innovation and AI.
“We believe that combining Prosus’s 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.”
News of the deal comes after Just Eat Takeaway delisted from the London Stock Exchange (LSE) at the end of December last year.
This followed a review by the Netherlands-based business that considered the liquidity and trading volumes, as well as cost and administrative requirements related to its primary listing in Amsterdam and secondary listing in London.
As a result of that review, Just Eat Takeaway said it had chosen to delist from the LSE in order to ‘reduce the administrative burden, complexity, and costs associated with the disclosure and regulatory requirements of maintaining its London listing’.
It also cited the context of low liquidity and trading volumes of the shares on the LSE.
Last year the group also sold its US food delivery platform Grubhub to Wonder Group for $650m (£510m), little more than three years after acquiring the business for $7.3bn (£5.75bn).
Just Eat Takeaway reported a net loss of €1.6bn in 2024, down from €1.8bn the previous year. Revenue hit €5bn last year, down from €5.1bn in 2023.
Jitse Groen, chief executive and founder of Just Eat Takeaway, said the group was now a ‘faster growing, more profitable and predominantly European-based business’.
“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.
“We are looking forward to an exciting future together.”
The FT reports that Just Eat Takeaway will continue to be based in Amsterdam, with the company’s existing management team to remain in place.