JustEat sold for 4 billion to a Dutch fund

Dutch investment group Prosus is set to acquire Just Eat Takeaway in a €4.1 billion deal. Just Eat has plummeted in value in recent years, after a surge during Covid-19 that saw it hit a high of €110 per share in October 2020. Prosus intends to buy the company's entire issued capital for €20.30 per share, around 80% less.

The deal follows a series of cost-cutting measures taken by Just Eat in recent years. The company has laid off more than 2,000 staff in multiple rounds of job cuts and, late last year, announced it would exit its secondary listing on the London Stock Exchange to cut costs.

Just Eat reported a net loss of €1.6 billion in 2024, down from €1.8 billion the previous year. Revenue reached €5 billion last year, compared to €5.1 billion in 2023.

The company sold US food delivery platform GrubHub last November for $650 million, a small fraction of the $7.3 billion it paid for the acquisition in 2021. Prosus also owns stakes in German food delivery company Delivery Hero, Chinese shopping platform Meituan and Indian food and grocery delivery platform Swiggy, according to FT tech backer Sifted.

The acquisition, recommended by Just Eat's board but subject to regulatory and shareholder approval, will make Prosus the fourth-largest global food delivery group, the investor said. Groen and Just Eat's management will remain in place after the acquisition, according to the Financial Times.