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Just Eat Tech Uvee is to be acquired by Prosus, an investment group in the deal over € 4BN, which will delay the public markets of the European Food Distribution Company.
The € 20.30 per share all-cash offer is only 22 percent premium at a recent three-month high of the brick. It is a symbol of an end for a few years for the Amsterdam -based group, whose shares had increased during the Kovid -19 epidemic, but the lockdown fell rapidly with the end of the lockdown.
For Prosus, the deal is its most important transaction as the chief executive Fabriio Bossi took over in May with ambitious plans to double its market value.
Bossi, who had previously led the Iffood, was a procedure-owned food delivery app that dominated his original Brazil, stated on Monday that the Just Eat Deal was “the opportunity to make a European Tech Champion”.
The South African group’s investment branch of Naspers, Process, had demanded food for years only. In early 2020, it lost to the Netherlands in a bid war despite offering £ 5.5bn for the food distribution pioneer.
Since then, the group has been headed by Jits Grone, Dutch Entrepreneur, who founded the takeaway.com in 2000. At the height of the epidemic-fuel delivery boom in 2021, the company acquired the US-based food ordering platform Grub for $ 7.3BN. Selling it for only $ 650mn last November.
As part of cost cuts in December, just eat delteve from London Stock Exchange to focus on your Amsterdam listing.
Grone said on Monday that the group was now “rapidly growing, more profitable and mainly European-based business” and this deal “would accelerate our investment and development in food, grocery, fintech and other adjacent.”
He said that he and the company’s current management team will remain.
Prosus first purchased a third stake in Ifood by just eating in 2022. It is planning to apply a similar playbook for the rest of the food distribution group by focusing on using technology such as Artificial Intelligence to improve its products and services.
The process has also made minority stakes in Berlin -based delivery hero, Chinese market leader Mituan and India’s Swiggy, which were recently made public.
