Just Eat Takeaway.com bought by South Africa’s Prosus in €4bn deal

A picture


The food delivery business Just Eat Takeaway.com has been snapped up by an investor in its German rival Delivery Hero for €4.1bn (£3.4bn), two months after it left the London Stock Exchange.Just Eat’s board has unanimously approved the takeover by the South African-owned internet investor Prosus, in an all-cash deal six years after Prosusmade its first effort to buy the British part of the business.

The deal will be worth €20.30 a share for holders of Just Eat’s Amsterdam-listed shares.That represents a 22% premium to its three-month high, but less than a fifth of its peak above €100 in 2020.Just Eat has endured a bruising period as a listed company.Its valuation rose during the Covid pandemic, as people turned to food delivery while in lockdowns.

Yet that boom has faded and left a legacy of bad investments.The delivery company was formed in 2020 from a merger between Britain’s Just Eat and its Dutch rival Takeaway.com shortly before the pandemic.Prosus had tried to hijack that merger in 2019 with a hostile £5.1bn bid for Just Eat.

The combined company was for some time a member of London’s FTSE 100 index, with a valuation of £15bn,However, it made several missteps, most notably the disastrous acquisition of its US rival GrubHub at the height of the pandemic bubble,Just Eat in November said it was selling GrubHub for $650m (£514m), compared with a purchase price of $7,3bn,In late December, the company delisted its London-listed shares to cut costs, in a further blow to the UK’s international financial standing amid an string of departures from the exchange.

Fabricio Bloisi, the Prosus chief executive, said the purchase gave the “opportunity to create a European tech champion”.He said Prosus “already has an extensive food delivery portfolio outside of Europe” as well as “a proven track record of profitable growth through investment”.Prosus is owned by Naspers, a South African company with interests across media, online classified ads, payments and education, as well as food delivery.Naspers’s success in the internet economy stemmed largely from a canny 2001 bet on China’s Tencent, which has risen to be one of the biggest tech conglomerates in the world.Prosus owns 28% of Delivery Hero, 4% of the Chinese food delivery company Meituan, and 25% of Swiggy, an Indian online food company.

Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionProsus said it wanted to follow the same growth path as another of its investments, the Brazilian company iFood.It claimed that its use of artificial intelligence “revolutionised operations” at iFood, and said it would aim to use the same tactics at Just Eat Takeway.com.Just Eat has “profitable cash-generative operations, with considerable growth potential” in the UK, Germany and the Netherlands, Prosus said.Jitse Groen, the Just Eat Takeaway.

com chief executive, said: “Just Eat Takeaway.com is now a faster growing, more profitable and predominantly European-based business.“Prosus fully supports our strategic plans, and its extensive resources will help to further accelerate our investments and growth across food, groceries, fintech and other adjacencies.”
A picture

Caroline Lucas: ‘I can’t imagine my parents ever voted Green, but they became less antagonistic’

The former Green MP on patriotism, protest and and why Labour is much less ambitious than its votersIt’s tempting to think of Caroline Lucas as a kind of spirit of place in Brighton. She has arrived first at Food for Friends, the oldest vegetarian restaurant in the city, and there is something almost mythical in seeing the pioneering Green MP in its window seat, facing the Lanes, framed by trailing foliage. She has been coming here for as long as she can remember, she says – the restaurant opened in 1981 and used to have folk queuing around the block. She recommends the blueberry and ginger “nojito”, orders the Thai noodle salad and crispy tofu, and half apologises for still being “a vegetarian on the road to veganism” without quite yet arriving at that destination.It’s nine months since Lucas stepped down after 14 years in parliament as her party’s first and, in that time, only MP

A picture

Notes on chocolate: make way for a new favourite

Last year a reader called Olivia got in touch to ask if I could recommend some chocolates to replace those her mum loved – Terry’s Spartan.These were a box of chocolates with a black and orange mountain scene on the front, that majored on the fact that all the centres were hard (and, as is the way with a lot of now discontinued chocolates, empty boxes of them go for ££ on eBay). Memorial Device on X once said of them: ‘not uncommon to find a box of Spartans with teeth marks in every single one – the unaware searching for the nonexistent soft centre,’ which made me guffaw. I gave Olivia some suggestions but she came back to say she’d ‘found the winner in Audrey’s Chocolates. I gave her a selection for Christmas and she loved them

A picture

Graceful wines with a twist in the tale

Subtle but beautiful wines from Savoie and JapanDomaine Belema Imago, IGP Vin des Allobroges, Savoie, France 2023 (from £34.75, terrawines.co.uk (lescaves.co

A picture

Gilgamesh, London: ‘It’s a weird trip’: restaurant review

We’re here for a ‘culinary journey’ apparently, but where on earth to?Gilgamesh, 4a Upper St Martin’s Lane, London WC2H 9NY. Small plates £7-£19, large plates £9-£42, desserts £9, wines from £38A Monday lunchtime, and my phone pings. There’s a text. “Gilgamesh London. It’s our Birthday! ONE milestone gift to you,” it says, with a dizzyingly random use of capital letters

A picture

My boiler has broken and I’m finding solace in a slice (or several) of toast | Rachel Cooke

My subject today is toast, which is much on my mind right now, a buttery ticker tape that calls me constantly to the kitchen. Our boiler has packed up, the new one won’t be installed for a week, and though it’s only the central heating that’s down (the cooker’s fine), the freezing cold has turned me into a toast monster. It’s all I want, a feeling I haven’t had since I was a student and living in a house that was so badly insulated, we sometimes had to break the ice on the water in the loo. How many loaves can a person get through in a week? Come back to me in a few days for an answer. I’ll give you a tour of my chilblains at the same time

A picture

Ludovico Einaudi: ‘The way you blend the elements you eat is similar to composing a piece of music’

I live in Torino [Turin], a town where I grew up, where I was born. There’s a famous dish from there called bagna cauda. It’s a meeting of the garlic from the area of Piedmont, the mountains, with the anchovies coming from the sea in Liguria. It’s a very simple dish, a bit like a broth, perfect in winter, and you eat it with raw vegetables of the season. But there’s so much garlic in it that, when you eat it, you need a couple of days away from other people