Tech investor Prosus said on Friday that it will pay €1.5 billion in cash and an additional “compensation” of up to €300 million to Just Eat Takeaway. com for the slice that you still don’t own on iFood.
The deal, which involves acquiring a 33% stake, puts iFood under Prosus’ exclusive control, while giving Takeaway – which is racing to profitability – a vital injection of capital.
The price Prosus is paying for the iFood stake is roughly half the current market value of all of Takeaway, Europe’s largest food delivery company.
“Increasing our stake to full control is a demonstration of our committed and disciplined approach to investing and reflects our confidence in the long-term potential of iFood,” Prosus Chief Executive Bob van Dijk said in a statement.
Takeaway, whose shares lost two-thirds of their value last year, had long sought to sell the iFood stake but had failed to reach a deal.
The company’s chief executive, Jitse Groen, said in August 2021 that he had turned down an “inadequate” €2.3 billion bid for iFood from an unnamed bidder as valuations of food delivery companies soared in 2021. midst of the Covid-19 pandemic.
According to disclosures in Just Eat Takeaway’s half-year results last month, iFood had a net loss of around €120 million in the first half of 2022, although sales grew by 28%.
iFood is making about 70 million deliveries a month, according to Prosus.
Source: CNN Brasil
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