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.
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%).
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.
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.