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Prosus has sealed its biggest deal yet, an R83 billion (EUR4.1 billion) acquisition of Just Eat Takeaway.com (JET). The offer, now unconditional after EU approval, drew strong shareholder support with over 90% of shares tendered.
Back in 2020, Naspers lost the bidding war for Just Eat to Takeaway.com's $8 billion offer. Fast-forward, Prosus now gets the combined entity at a lower price. To win regulatory approval, Prosus agreed to cut its Delivery Hero stake from 27.4% to a minimal holding and pledged not to interfere with governance.
The acquisition makes Prosus the world's fourth-largest food delivery player after Meituan, DoorDash, and Uber. With 60 million customers and 362 000 restaurant partners across 17 markets, JET offers scale, data, and reach. Prosus CEO Fabricio Bloisi is betting on AI-driven logistics and personalisation to transform JET into a European tech champion.
We hold Naspers/Prosus in local portfolios, and will continue to do so.
