A New Era for Food Delivery: Prosus Acquires Just Eat Takeaway.com in Bold European Move

In a landmark transaction poised to reshape the European food delivery landscape, Prosus, a Netherlands-based technology investment group, has agreed to acquire Just Eat Takeaway.com for €4.1 billion (£3.4 billion).

The all-cash deal, announced on 24 February 2025, offers €20.30 (£16.80) per share, reflecting a 49% premium over Just Eat Takeaway.com’s three-month volume-weighted average price and a 22% increase over its highest share price in that period. Should the acquisition proceed as planned, it promises to create the world’s fourth-largest food delivery conglomerate, amplifying Prosus’s influence across the continent.

The conditional agreement, set to unfold via a public offer on the Amsterdam exchange, arrives at a pivotal moment for Just Eat Takeaway.com. The Amsterdam-headquartered company, which partners with 731,000 businesses across more than 15 countries, has navigated a rollercoaster of fortunes in recent years. Its shares soared during the pandemic-driven surge in home dining, only to falter as restrictions eased. The firm’s 2021 acquisition of U.S.-based Grubhub for $7.3 billion (£4.7 billion) aimed to cement its global dominance but ended in a stark reversal, with Grubhub sold in November 2024 for a mere $650 million (£510 million)—a fraction of its purchase price. This, coupled with a one per cent revenue dip to £5 billion in 2024, underscores the challenges Just Eat Takeaway.com has faced in sustaining momentum.

Prosus, however, sees untapped potential. Already a powerhouse in the global food delivery sector through stakes in iFood (Latin America), Delivery Hero (Berlin), Meituan (China), and Swiggy (India), the tech firm views Just Eat Takeaway.com as a cornerstone for its European ambitions. Fabricio Bloisi, Prosus’s chief executive, hailed the acquisition as a chance to forge “a European tech champion.” He emphasised the group’s intent to harness artificial intelligence and innovation to enhance customer experiences, driver support, and restaurant partnerships—strategies that have fuelled profitable growth in its existing portfolio.

For Just Eat Takeaway.com, the deal offers a lifeline. Jitse Groen, the company’s chief executive, described the alignment with Prosus as a catalyst for accelerating investments in food, groceries, fintech, and beyond. “Prosus fully supports our strategic plans, and its extensive resources will help us further our growth,” Groen stated, pointing to a future bolstered by the tech giant’s financial muscle. The company’s 2024 results reflect a mixed picture: while gross transaction value excluding North America rose by two per cent, adjusted EBITDA climbed to €460 million (£381 million) from €339 million (£281 million) in 2023, driven by efficiencies in the UK and Ireland. Yet, weaker demand in North America, Southern Europe, and Australia tempered overall revenue.

The acquisition marks a significant chapter for both entities. Prosus, under Bloisi’s leadership since his tenure at Brazil’s iFood, is doubling down on its mission to expand its parent company Naspers’ market value—a goal tied to its substantial stake in Chinese tech titan Tencent. For Just Eat Takeaway.com, the deal follows a strategic retreat from dual listings in Amsterdam and London, with its exit from the London Stock Exchange in December 2024 aimed at streamlining operations. The company’s evolution from a UK-based entity (via the 2020 Just Eat and Takeaway.com merger) to a predominantly European-focused business reflects a pragmatic reshaping of its identity.

Analysts suggest the transaction could signal a broader consolidation trend in the food delivery sector, where scale and technological edge are increasingly vital. Yet, questions linger: will Prosus’s AI-driven vision deliver sustainable growth for Just Eat Takeaway.com, or will it merely paper over deeper market challenges? As the deal progresses toward an expected completion by year-end, stakeholders across the industry will be watching closely, pondering whether this union heralds a new dawn—or a high-stakes gamble in an unforgiving market.