Global investment powerhouse Prosus NV has announced a landmark €4.1 billion ($4.3 billion) acquisition of Just Eat Takeaway.com, setting the stage for a major shake-up in Europe’s competitive food delivery market. The take-private deal, offering a 63% premium on Just Eat’s last closing price, underscores Prosus’ ambition to dominate the sector.
The Details Behind the Mega Deal
Prosus has made a cash offer of €20.30 per Just Eat share, inclusive of dividends, significantly boosting investor confidence. Just Eat, formed from the 2020 merger of Just Eat and Takeaway.com, will delist from Euronext Amsterdam upon completion.
Shares in Just Eat soared to €19.19 on Monday afternoon, marking a 55% surge from Friday’s close, while Prosus stock dipped 7% to €42.72. The South African tech titan Naspers, which owns Prosus, sees the acquisition as a strategic extension of its food delivery investments, including stakes in iFood in Brazil.
Legal and Financial Titans Powering the Transaction
Navigating this high-profile acquisition is an elite legal lineup. Prosus is being advised by Allen Overy Shearman Sterling, Skadden Arps Slate Meagher & Flom LLP, and Davis Polk & Wardwell London LLP. On the Just Eat side, Dutch firm De Brauw Blackstone Westbroek NV is providing counsel, while Freshfields LLP represents the supervisory board.
