Key topics:
- Prosus buys Just Eat Takeaway for €4.1B in all-cash deal.
- CEO Bloisi aims to double firm’s value in four years.
- Just Eat operates in 17 markets, serving 61M customers.
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By Loni Prinsloo ___STEADY_PAYWALL___
Prosus NV agreed to buy Just Eat Takeaway.com NV for €4.1 billion ($4.3 billion), the technology investor’s biggest deal to date as it pursues new growth opportunities.
The all-cash deal at €20.30 a share is a 49% premium to the three-month volume-weighted average price, the company said in a statement Monday. The stock closed at €12.43 on Friday.
The purchase marks an aggressive move by Prosus Chief Executive Officer Fabricio Bloisi to grow the business, which is perhaps still best known for its 2001 investment in China game giant Tencent Holdings Ltd. Prosus, through South African parent Naspers Ltd., paid $34 million for a stake in Tencent that is now worth more than $140 billion.
Brazil-born Bloisi, who was appointed to the top job last year, said in January that the company has close to $20 billion to spend and is ready to grow in Europe. This will be his second large deal as he pushes to double the firm’s value in the next four years.
“My plan after this transaction is to grow all our businesses faster – and we believe we can grow faster with JustEat Takeaway,” the CEO said in an interview.
Bloisi, who runs both Prosus and Naspers, has extensive experience in the delivery sector. He previously built up Brazil’s iFood to the biggest online food-delivery company in the country.
Amsterdam-based Just Eat Takeaway.com operates in 17 international markets, connecting 61 million customers with more than 356,000 local partners.
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