Naspers’ Prosus to Acquire Just Eat Takeaway.com in R79 Billion Deal

South Africa’s most valuable company, Naspers, is set to expand its global footprint through a major acquisition of Dutch food delivery giant Just Eat Takeaway.com.

Naspers, through its majority-owned subsidiary Prosus, has announced a conditional agreement for its affiliate, MIH Bidco, to acquire Just Eat Takeaway.com in a deal valued at €4.1 billion (R79 billion).

The acquisition will further strengthen Prosus’ position in the global food delivery market, complementing its existing assets such as Mr D in South Africa and iFood in Latin America.

Strategic Expansion in the Food Delivery Market

Amsterdam-based Prosus, which manages Naspers’ international internet investments, sees this deal as a strategic move to enhance its European market presence.

“Just Eat Takeaway.com is a market leader in key European markets, including the United Kingdom, Germany, and The Netherlands, where it is profitable and has strong growth potential,” said Prosus.

The acquisition aligns with Prosus’ growth strategy, leveraging its experience in scaling e-commerce platforms like iFood to drive innovation and customer engagement at Just Eat Takeaway.com.

Key Details of the Deal

• Acquisition Price: €20.30 per share
• Total Valuation: €4.1 billion (R79 billion)
• Premium Offered:
  • 49% over Just Eat Takeaway.com’s 3-month volume-weighted average price
  • 22% over the three-month highest closing price
• Funding: Prosus will finance the acquisition with available cash resources
• Regulatory Approvals: The deal is subject to regulatory and shareholder approvals
• Stock Market Impact: Just Eat Takeaway.com shares will be delisted from Euronext Amsterdam after the acquisition is finalized

Why This Deal Matters

The food delivery sector has grown significantly over the past decade, with more consumers shifting to online ordering. Just Eat Takeaway.com serves 61 million customers and partners with over 355,000 restaurants across 17 markets, making it one of the most prominent food delivery companies in Europe.

In 2024 alone, the company processed transactions worth €26.3 billion and recorded an adjusted EBITDA of €460 million.

For Prosus, this acquisition is a calculated bet on the continued growth of food delivery services and an opportunity to replicate the success of iFood in new markets.

Naspers’ Global Influence in Tech and E-Commerce

Naspers remains South Africa’s most valuable company, with a market capitalization of R881 billion. Much of this value is attributed to its 31% stake in Chinese tech giant Tencent.

The company has steadily diversified its portfolio, focusing on high-growth sectors like e-commerce, fintech, and food delivery.

With this latest move, Naspers and Prosus are reinforcing their dominance in global tech investments, positioning themselves as a key player in the future of online food services.

What’s Next?

Pending regulatory approvals, the acquisition is expected to be completed later in 2025. Just Eat Takeaway.com’s integration into the Prosus portfolio will bring new innovations, improved service offerings, and potentially greater profitability in the years ahead.

For South African investors, this deal marks another milestone in Naspers’ global expansion strategy, further solidifying its position as a major force in international tech and e-commerce.

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