Technology firm Prosus has reached a conditional agreement to acquire Netherlands-based food delivery firm Just Eat Takeaway.com for approximately €4.1 billion.
The acquisition will see the creation of the fourth-largest food delivery group at a global level, according to a statement from Prosus.
Prosus added that it aims to acquire Just Eat Takeaway.com’s entire issued share capital for €20.30 per share via a recommended all-cash public offer on the Amsterdam exchange.
Fabricio Bloisi, CEO of Prosus stated, “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' 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.”
Prosus will benefit from Just Eat Takeaway's customer base and its association with some of the most popular delivery brands in Europe.
The deal will complement Prosus’ existing food delivery footprint outside of Europe by allowing it to consolidate its presence in the European food delivery segment.
FY 2024 Results
Just Eat Takeaway.com met its guidance for 2024, with constant currency Gross Transaction Value (GTV) growth of 2%, excluding North America.
Adjusted EBITDA for the financial year improved to €460 million in 2024 from €339 million in 2023, boosted by its performance in the UK and Ireland driven by improvement in fulfilment cost per order and efficiencies in marketing.
Just Eat Takeaway narrowed its net loss to €1.6 billion in 2024 from €1.8 billion in the previous year.
The company incurred non-cash impairment losses of around €1 billion related to Grubhub, which was sold to Wonder for an enterprise value of $650 million (€620.7 million).
Following the sale of Grubhub, completed in January 2025, 85% of Just Eat Takeaway's GTV will come from Europe and the UK and Ireland segments.
Jitse Groen, CEO of Just Eat Takeaway.com, stated, "In 2024, we achieved significant milestones. We advanced our products, further expanded our partner base, particularly in verticals like grocery, electronics, and pharmacy, and made strategic portfolio decisions that position the company well for long-term success."
Annual Highlights
Group revenue for the financial year declined 1% to €5.1 billion due to lower order volumes, driven by weaker market conditions in North America, Southern Europe and Australia.
This decline was partially offset by a higher Average Transaction Value (ATV), supported by food price inflation along with further optimisation of consumer fees and advertising revenues, the company noted.
GTV for the group, including North America, amounted to €26.3 billion in 2024, down 2% in constant currency compared with 2023.
In Northern Europe, full-year GTV grew by 4% in constant currency, to €8.0 billion, compared with €7.7 billion in 2023.
The region witnessed revenue growth of 7% year on year, driven by GTV growth and a higher contribution from advertising revenue.
Adjusted EBITDA saw a slight increase of €5 million, amounting to €371 million, up from €366 million in 2023.
In the UK and Ireland, GTV increased by 4% year on year at constant currency, while adjusted EBITDA improved by 62% to €219 million, up from €135 million in 2023.
In North America, adjusted EBITDA increased by 35% to €170 million, driven by the implementation of a disciplined approach to marketing spend and workforce reductions in Canada and the US.
Outlook 2025
Just Eat Takeaway has forecast constant currency GTV growth in the range of 4% to 8% year on year, excluding the rest of the world segment.
Adjusted EBITDA for the new financial year is expected to range between €360 to €380 million.
Groen added, "Following the sale of our US operations, Just Eat Takeaway.com has become a more focused, faster growing, and more profitable business.
"Our ambition for 2025 is to further accelerate our topline growth through a step up in investments in Europe and UK and Ireland."
