Just Eat Takeaway.com has reached an agreement for the sale of 33% of the Latin American consortium iFood to Prosus, for a price of 1.8 billion euros.
Prosus will pay €1.5 billion in cash when the deal closes, while an additional €300 million will be paid over 12 months after the deal closes and depending on the company’s performance, it said in a statement Just Eat.
The deal is expected to close in the fourth quarter of this year, according to Bloomberg.
Just Eat said it would use the proceeds from the stake sale to shore up its balance sheet and pay down some of its debt.
The company also noted that it continues to pursue a partial or full sale of its Grubhub subsidiary as it looks for ways to address the slowdown in orders that has hit the delivery industry this year, and it also announced job cuts.
Source: Capital
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