Prosus Bets EUR 4.1B on Europe: Tencent's Top Shareholder Acquires Just Eat Takeaway

This is an English adaptation of a FoodBud historical article originally published on March 3, 2025.

For operators tracking who controls Europe's delivery infrastructure, this deal reshuffles ownership of one of the continent's largest platforms.

Prosus — the Amsterdam-based tech investor and Tencent's largest shareholder — announced an all-cash public offer of EUR 20.30 per share for all of Just Eat Takeaway.com, valuing the deal at about EUR 4.1 billion (roughly USD 4.3 billion). The price was a 63% premium to Just Eat Takeaway's February 21, 2025 close, 49% over the three-month VWAP, and 22% over the three-month high — a level signaling strong conviction in the platform's European upside. The offer runs through the Amsterdam exchange.

What Prosus is buying

Founded in 2000, Just Eat Takeaway operated across 17 markets with 61M+ users and about 350,000 restaurant partners. FY2024 figures: GTV of EUR 26.3 billion (down about 1% on 2023), revenue of EUR 5.085 billion (down about 1%), adjusted EBITDA of EUR 460M (up 36% from EUR 339M), and free cash flow turning positive at EUR 104M (from EUR -52M). Operating loss narrowed to EUR 520M and net loss to EUR 1.645 billion, the latter driven by a ~EUR 1.155 billion impairment on the divested Grubhub. Active consumers fell 6% to 79M and orders fell 5% to 879M, but merchant partners grew 10% to 756,000 and average transaction value rose 4% to EUR 29.92.

Regionally: Northern Europe GTV EUR 8.0 billion (+4%); UK & Ireland GTV EUR 7.1 billion (+7%) with EBITDA up 62% to EUR 219M (margin 2.0%→3.1%); Southern Europe & Australia GTV EUR 1.8 billion (-11%); North America (incl. the sold Grubhub) GTV EUR 9.3 billion (-9%).

Strategy: focus, then reinvest

Through 2024 Just Eat Takeaway sold Grubhub to Wonder for USD 650M (closed January 2025) and exited New Zealand and France, concentrating on Europe, UK and Ireland — together about 85% of GTV. It cut per-order delivery cost via order-batching and route optimization (most visible in the UK), deployed a unified global app (enabling Jet+ free-delivery, group ordering and an AI assistant), grew non-food retail partners 48%, and launched the Just Eat+ subscription in the UK in December 2024.

Post-deal, Prosus pledged an additional EUR 150M into core markets for delivery-network expansion, non-food categories (grocery, pharmacy), marketing and subscriptions. CEO Fabricio Bloisi framed the plan as replicating Prosus's success with Brazil's iFood. Strong non-financial covenants bar a break-up and keep the existing management team; Jitse Groen stays as CEO. Break fees: EUR 41M payable by Just Eat Takeaway if it accepts a superior offer, up to EUR 410M payable by Prosus on regulatory failure. The transaction remains subject to regulatory approval.

Why it matters

Prosus is assembling a global delivery portfolio (iFood, stakes in Delivery Hero and Swiggy, now Just Eat Takeaway). Taking Just Eat Takeaway private removes short-term public-market profit pressure and funds a longer European build-out — a signal that patient, well-capitalized owners increasingly sit behind the platforms operators depend on. Forward guidance (2025 GTV growth of 4–8%, EBITDA EUR 360–380M, the >5% EBITDA/GTV target) is from early 2025.